N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06241

Loomis Sayles Funds II

(Exact name of Registrant as specified in charter)

888 Boylston Street, Suite 800 Boston, Massachusetts 02199-8197

(Address of principal executive offices) (Zip code)

Natalie Wagner, Esq.

Natixis Distribution, LLC

888 Boylston Street, Suite 800

Boston, Massachusetts 02199-8197

(Name and address of agent for service)

Registrant’s telephone number, including area code: (617) 449-2810

Date of fiscal year end: September 30

Date of reporting period: September 30, 2022

Item 1. Reports to Stockholders.

(a) The Registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

Annual Report

September 30, 2022

Loomis Sayles Core Plus Bond Fund

Loomis Sayles Credit Income Fund

Loomis Sayles Global Allocation Fund

Loomis Sayles Growth Fund

Loomis Sayles Intermediate Duration Bond Fund

Loomis Sayles Limited Term Government and Agency Fund

Table of Contents

Portfolio Review	1
Portfolio of Investments	35
Financial Statements	79
Notes to Financial Statements	110

LOOMIS SAYLES CORE PLUS BOND FUND

Managers	Symbols
Peter W. Palfrey, CFA®	Class A    NEFRX
Richard G. Raczkowski	Class C    NECRX
Ian Anderson	Class N    NERNX
Barath W. Sankaran, CFA®	Class Y    NERYX
Loomis, Sayles & Company, L.P.

Investment Goal

The Fund seeks high total investment return through a combination of current income and capital appreciation.

Market Conditions

The fixed-income markets experienced significant, broad-based weakness in the 12-month period that ended on September 30, 2022. Inflation, which had already been increasing throughout 2021, took another leg higher in February 2022 after Russia’s invasion of Ukraine created additional supply-chain pressures and led to a spike in commodity prices. Consumer price inflation remained elevated long after the conflict began. Inflation has seemingly peaked at 9.1% in June, though has yet to meaningfully decline.

The US Federal Reserve (Fed) responded with an aggressive series of interest-rate increases, bringing its benchmark fed funds rate to a range of 3.0% to 3.25% from 0% to 0.25% at the start of 2022. This marked the largest move in such a short interval since 1980. Perhaps even more important for the markets, investors continued to ratchet up their expectations for the “terminal rate” in 2023; or in other words, the level at which the Fed was likely to stop raising rates.

Tighter Fed policy not only led to a rise in prevailing yields, but also fueled an increase in investors’ aversion to risk more generally. As a result, more volatile asset categories that trade based on their yield advantage (or “spread”) over Treasuries faced an additional headwind.

US Treasuries endured one of their worst stretches of performance in over 40 years. The two-year note, which is more sensitive to Fed policy shifts than other portions of the yield curve, soared from 0.28% to 4.22% over the course of the 12-month period (as its price fell). Longer-term bonds also lost ground, but to a lesser extent: the yield on the 10-year issue climbed from 1.52% at the start of the period to 3.83% on September 30, 2022.

One result of these moves was that the yield curve inverted significantly (meaning that short-term yields traded above those on longer-term debt). In late September, in fact, the yield curve moved to its largest inversion since 1982.

Investment-grade corporate bonds lagged considerably due to both the increase in prevailing yields and rising yield spreads (particularly for lower-quality issues in the category). Notably, major corporate bond indexes fell to levels last seen in 2009 during the immediate aftermath of the Global Financial Crisis. The yield on the ICE BofA US Corporate Index reached 5.75% in the final week of September — another level not seen since 2009.¹

Amidst rising inflation, geopolitical instability, and a broad selloff in rates and risk markets, securitized credit markets have generally produced negative total and excess returns over the past 12 months. Down in credit collateralized loan obligations (CLOs) have suffered the most as prices on underlying bank loans have dropped significantly. Sectors like consumer asset-backed securities (ABS) with lower interest rate sensitivity and less direct impact from geopolitical instability have performed somewhat better. Sectors like commercial ABS, namely aircraft, have been negatively impacted. Pockets of the commercial mortgage-backed securities (CMBS) market have held up relatively well amidst a longer-term recovery from Covid-19 related shocks. Senior tranches of residential mortgage-backed securities (RMBS) have provided positive excess returns while subordinates have sold off. Agency mortgage-backed securities (MBS) produced significantly negative excess returns versus US treasuries. Agency MBS has experienced massive interest rate volatility and the impact of concerns related to quantitative tightening.

High-yield corporate bonds posted double-digit losses due to a sizable increase in yield spreads. High-yield issuers are particularly vulnerable to slower economic growth due to their smaller average size and generally weaker balance sheets. The category outperformed investment grade corporate issues, however, which is unusual for a time of heightened investor risk aversion. This outperformance is due to High Yield’s generally shorter duration profile compared to Investment Grade debt. Also, energy issuers tend to be heavily represented in the high-yield space, which supported relative performance on the strength of rising oil prices.

Emerging market bonds, which tend to have a higher correlation to global growth trends than the broader fixed income market, underperformed in relation to the United States. The asset class was pressured not just by slowing growth and investors’ increased aversion to risk, but also the effects of the Russia-Ukraine war and pronounced weakness in emerging-market currencies relative to the US dollar.

1  |

Performance Results

For the 12 months ended September 30, 2022, Class Y shares of Loomis Sayles Core Plus Bond Fund returned -15.03%. The Fund underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -14.60%.

Explanation of Fund Performance

Security selection was the main driver of the Fund’s underperformance for the one-year period. Exposure to more credit-sensitive emerging market bonds detracted from excess returns within both investment grade corporate and government-related sectors. Additionally, security selection within agency mortgage-backed securities (MBS) pass-throughs weighed on relative returns. In sector allocation terms, the Fund’s underweight to US Treasuries detracted from relative performance. In addition, the Fund’s approximately 10% average allocation to fixed rate high yield corporate bonds weighed on excess returns as the out-of-benchmark sector struggled during the period.

Floating rate bank loans fared better than their equally credit-sensitive high yield corporate counterparts, so the Fund’s modest roughly 5% out-of-benchmark weight to that segment was a partial offset. Our approximately 4% out-of-benchmark non-US dollar positions in Mexico and Uruguay also added significant value, offering diversification and attractive carry. The Fund’s positioning along the yield curve (which depicts the relationship among bond yields across the maturity spectrum) and stance with respect to duration and corresponding interest rate sensitivity were strong positive contributors for the period, as our below-benchmark duration stance and bias to a flatter yield curve both proved additive. Finally, the Fund’s slightly elevated allocation to cash and equivalents helped buoy performance over the period.

Outlook

The Federal Reserve continued to show resolve in the face of persistent inflation pressures and tight labor markets, hiking its benchmark overnight lending rate by another 75 basis points both in July and September. The Fed has tightened by 300 basis points year-to-date, with another 100 basis points currently priced in by year-end. Despite a brief rally in bond prices in July, rates rose once again in response to decidedly hawkish Fed forward guidance and a September inflation report that surprised to the upside. The September dot plot displaying Fed Open Market Committee members’ expectations for the fed funds rate projects a median peak rate of 4.675% by early 2023, exceeding prior peak pricing by about 25 basis points. We ended the quarter with an inverted yield curve and 10-Year Treasuries briefly hitting 4.0%.

We observe that the Fed has been successful in tightening financial conditions to slow the economy down and cool inflation. While we wait for better news on inflation, we acknowledge a growing risk that the Fed overshoots and misses the elusive “soft landing”. Global growth is threatened by the energy crisis in Europe, and by central banks who are now also tightening policy in response to growing inflationary pressures. Additionally, the Russia-Ukraine conflict continues to escalate and contribute to market volatility and uncertainty.

We believe we are in the later phases of the credit cycle², as indicated by the significant spread widening that has occurred over the past three quarters, as well as the significant retracement of equity market indices. Government, corporate and consumer balance sheets entered this part of the cycle in a strong position, but are showing some strains from higher inflation, tightening credit conditions and greater economic uncertainty.

The current Core Plus positioning displays a more defensive bias versus that of last year, but still has a moderate pro-cyclical stance. This reflects our view that risk valuations now more accurately reflect a balanced forward outlook of slower growth, coupled with a less punishing inflation outlook. We are closely watching forward-looking indicators on shelter and autos, which have been the largest contributors to core inflation. We also anticipate some goods price deflation given the strong dollar, lower shipping and transportation costs, and bloated domestic inventories, coupled with waning consumer and business demand.

We have incrementally increased our Treasury allocation to add quality, liquidity and duration to the portfolio, but maintain significant excess carry versus the benchmark, with a yield advantage of approximately 75 basis points. Average credit quality remains high at A1.

Nominal duration and corresponding interest rate sensitivity is now approximately 0.30 years longer than the benchmark, while empirical duration is more defensively positioned at approximately 0.3 years shorter than the benchmark. Most recently we have moved closer to neutralizing our overall curve positioning by adding more US Treasury exposure in the 5–10-year part of the curve, while maintaining a modest duration overweight to the 20- to 30-year part of the curve for some protection against the risk of Fed overtightening.

We maintain an underweight to agency MBS but have repositioned our exposures within the sector for a regime where the Fed is neither purchasing nor imminently selling agency MBS.

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LOOMIS SAYLES CORE PLUS BOND FUND

Within investment grade corporate credit, we remain underweight. While we continue to have a bias towards BBB-rated securities, we have selectively reduced the overall credit sensitivity of our allocation, and favor industries that are more likely to retain pricing power and/or benefit from higher rates, such as banks.

We have a moderate overweight to investment grade securitized credit, primarily in the front end of the yield curve, for more defensive, non-corporate carry. We continue to favor asset-backed securities backed by consumer auto loans and restaurant franchises.

Within the Plus sectors, we have continued to reduce our overall allocation to high yield corporates, currently at 10%, down from approximately 16% in the first quarter. This exposure is split between 6.5% in fixed rate high yield corporates, including a modest 2% in emerging market high yield corporates, and approximately 3.5% in floating rate bank loans. We have been incrementally reducing high yield exposure in response to a more aggressive Fed tightening path, as well as growing signs of economic slowdown from the more robust pace seen in 2021. Where permitted, we added some investment grade, higher quality collateralized loan obligations for additional floating rate carry in the portfolio.

We continue to hold an approximately 3.5% allocation to non-US dollar emerging market bonds. Two-thirds of the exposure is to Mexico and the remainder to Uruguay. Notably this has proven to be an important source of diversification and significant carry year to date.

¹  Source: Federal Reserve Bank of St. Louis Economic Database

²  A credit cycle is a cyclical pattern that follows credit availability and corporate health

Hypothetical Growth of $100,000 Investment in Class Y Shares³

September 30, 2012 to September 30, 2022

3  |

Average Annual Total Returns — September 30, 2022³

										Life of Class N		Expense Ratios4
	1 Year			5 Years			10 Years					Gross			Net
Class Y
NAV		-15.03	%		0.26	%		1.64	%		—		0.46	%		0.46	%
Class A
NAV		-15.24			0.01			1.39			—		0.71			0.71
With 4.25% Maximum Sales Charge		-18.82			-0.87			0.95			—
Class C
NAV		-15.88			-0.74			0.78			—		1.46			1.46
With CDSC1		-16.71			-0.74			0.78			—
Class N (Inception 2/1/13)
NAV		-14.94			0.36			—			1.61		0.38			0.38
Comparative Performance
Bloomberg U.S. Aggregate Bond Index2		-14.60			-0.27			0.89			0.98

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com. Performance for other share classes will be greater or less than shown based on differences and sales charges. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

1 Class C shares performance assumes a 1% CDSC applied when you sell shares within one year of purchase.

2 Bloomberg U.S. Aggregate Bond Index is a broad-based index that covers the U.S. dollar-denominated, investment-grade, fixed-rate, taxable bond market of SEC-registered securities. The Index includes bonds from the Treasury, government-related, corporate, mortgage-backed securities, asset-backed securities, and collateralized mortgage-backed securities sectors.

3 Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

4 Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

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LOOMIS SAYLES CREDIT INCOME FUND

Managers	Symbols
Matthew J. Eagan, CFA®	Class A    LOCAX
Brian P. Kennedy	Class C    LOCCX
Elaine M. Stokes	Class N    LOCNX
	Class Y    LOCYX
Loomis, Sayles & Company, L.P.

Investment Goal

The Fund seeks high current income with a secondary objective of capital growth.

Market Conditions

Fixed income markets experienced significant, broad-based weakness in the 12-month period that ended on September 30, 2022. Inflation, which had already been increasing throughout 2021, increased in February 2022 after Russia’s invasion of Ukraine created additional supply-chain pressures and led to a spike in commodity prices. Consumer price inflation remained elevated long after the conflict began. Inflation has seemingly peaked at 9.1% in June, though still has yet to meaningfully recover.

The US Federal Reserve (Fed) responded with an aggressive series of interest rate increases, bringing its benchmark Fed funds rate to a range of 3.0% to 3.25% from 0% to 0.25% at the start of 2022. This marked the largest move in such a short interval since 1980. Perhaps even more important for the markets, investors continued to ratchet up their expectations for the “terminal rate” (the level at which the Fed was likely to stop raising rates) in 2023.

Tighter Fed policy not only led to a rise in prevailing yields, but also fueled an increase in investors’ aversion to risk more generally. As a result, more volatile asset categories that trade based on their yield advantage (spread) over Treasuries faced an additional headwind.

US Treasuries endured one of their worst stretches of performance in over 40 years. The two-year note, which is more sensitive to Fed policy shifts than other portions of the yield curve, soared from 0.28% to 4.22% over the course of the 12-month period (as its price fell, given the inverse relationship between yield and price). Longer-term bonds also lost ground, : the yield on the 10-year issue climbed from 1.52% at the start of the period to 3.83% on September 30, 2022. One result of these moves was that the yield curve inverted significantly (meaning that short-term yields traded above those on longer-term debt). In late September, in fact, the yield curve moved to its largest inversion since 1982.

Investment grade corporate bonds lagged considerably due to both the increase in prevailing yields and rising yield spreads (particularly for lower-quality issues in the category). Notably, major corporate bond indexes fell to levels last seen in 2009 during the immediate aftermath of the global financial crisis. The yield on the ICE BofA US Corporate Index reached 5.75% in the final week of September – another level not seen since 2009.*

High yield corporate bonds posted double-digit losses due to a sizable increase in yield spreads. High yield issuers are particularly vulnerable to slower economic growth due to their smaller average size and generally weaker balance sheets. The category outperformed investment grade corporate issues, however, which is unusual for a time of heightened investor risk aversion. This outperformance is due to high yield’s generally shorter duration profile compared to investment grade debt. Also, energy issuers tend to be heavily represented in the high yield space, which supported relative performance on the strength of rising oil prices.

Amidst rising inflation, geopolitical instability, and a broad selloff in rates and risk markets, securitized credit markets have generally produced negative total and excess returns over the past 12 months. Lower-rated CLOs (collateralized loan obligations) have suffered the most as prices on underlying bank loans have dropped significantly. Sectors like consumer ABS (asset-backed securities) with lower interest rate sensitivity and less direct impact from geopolitical instability have underperformed less. Sectors like commercial ABS, namely aircraft, have been negatively impacted. Pockets of the CMBS (commercial mortgage-backed securities) market have held in relatively well amidst a longer-term recovery from Covid-19 related shocks. Senior tranches of RMBS (residential mortgage-backed securities) have provided positive excess returns while subordinates have sold off.

Emerging market bonds, which tend to have a higher correlation to global growth trends than the broader fixed income market, underperformed in relation to the US. The asset class was pressured not just by slowing growth and investors’ increased aversion to risk, but also the effects of the Russia-Ukraine war and pronounced weakness in emerging market currencies relative to the US dollar.

* Source: Federal Reserve Bank of St. Louis Economic Database

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Performance Results

For the 12 months ended September 30, 2022, Class Y shares of Loomis Sayles Credit Income Fund returned -15.59% at net asset value. The Fund outperformed its benchmark, the Bloomberg U.S. Credit Index, which returned -17.89%.

Explanation of Fund Performance

Despite a challenging year for fixed income markets, the Fund posted positive relative returns versus its benchmark. Yield curve positioning was the primary source of outperformance. The Fund is targeting an overall duration shorter than that of the benchmark. To help achieve this we used Treasury futures, and these positions have been a positive contributor given the sharp upward movement in interest rates during the period. Securitized credit was also beneficial given the asset class’s shorter duration profile. Here, holdings in collateralized loan obligations aided returns. Finally, an allocation to defensive, reserve-like positions contributed to relative performance as risk-off sentiment prevailed.

Security selection within investment grade corporate credit was the biggest detractor as several longer- dated issues weighed on performance. An allocation to emerging market credit also lagged, with selected holdings in Israel (consumer non-cyclical), Mexico (basic industry) and Chinese property developers as the main sources of underperformance. Extended Covid-related lockdowns in China have exacerbated already-declining housing sales and government measures taken thus far to alleviate stresses on this sector have been limited, resulting in further bond price erosion.

Outlook

After a strong rally in risk assets early in the third quarter, volatility returned to markets as the Federal Reserve (Fed) retained its hawkish stance amid stubborn inflation prints. The macroeconomic environment and outlook remains challenging. Global growth forecasts have been challenged by geopolitics, war, shutdowns in China, and a looming energy crisis in Europe. Domestically, market participants have adjusted their interest rate expectations to incorporate repeated affirmations by the Fed of a clear path to higher policy rates. Stubborn inflation and a determined Fed continue to put pressure on risk assets.

In our view, the credit cycle has slid deeper into the late expansion cycle. We expect slowing growth and stubborn inflation. Fed actions have elevated the risks of a downturn and should that evolve we expect inflation to recede slowly. US hiring remains resilient, putting pressure on wages, but ultimately we believe higher rates may temper those pressures. Oil prices have slid on global growth concerns alleviating the pressure on US gas prices. However, natural gas supplies to Europe this winter are a significant risk and supply chain effects from that remain unknown. In summary, we do expect inflation to moderate but at a very slow pace.

We expect the Fed to stay on a tightening course through the end of this year and into early 2023, likely elevating the policy rate to the 4.50-4.75% range. In our view the Fed will largely be driven by the extent to which there is firm evidence of inflation moderating. We also believe the Fed may be increasingly sensitive to its impact on global financial markets, although a policy pivot seems unlikely. We expect the US 10-year bond yield to move only modestly higher from here and eventually be below the short-term policy rate. Our portfolios remain positioned defensively on rate risk while edging closer to levels where rate sensitivity becomes less of a concern.

While the Fed path seems firm at this point, a critical question is how the growth outlook for 2023 evolves and what impact that could have on corporate earnings and balance sheets. We expect slowing growth with an elevated risk of recession. Corporate fundamentals have remained reasonably strong, with solid second quarter earnings. Nonetheless, we anticipate slowing growth to be a drag on corporate earnings going forward. That said, given the strong starting point for corporate fundamentals we expect credit losses to move closer to historical averages.

Regionally, we are largely focused on US fixed income markets. An aggressive Fed and safe haven inflows have created strong momentum in the US dollar. Given global growth concerns, a committed Fed, and policies abroad that have weakened domestic currencies, we remain cautious in non-dollar-denominated assets. We have largely been avoiding Europe and anticipate a deep recession there. Should that unfold, however, opportunities may present themselves.

We believe that value is returning to US fixed income markets. Bond structures (price, yield and spread) appear relatively attractive. Dollar prices on bonds are currently at post-global financial crisis lows. Corporate bond spreads in both investment grade and high yield are currently above long-term averages, and overall yields could offer favorable levels with high yield approaching 10% and BBB-rated bonds around 6%. We believe the combination of discount-to-par, wider spreads and overall yield is increasing the potential value opportunity in bonds.

We believe the corporate bond spreads could edge wider from here with some modest further elevation in yields. However, future interest rate and spread risk is being mitigated by generally higher yields and wider spreads. We have been holding larger than average liquid reserves and maintaining an up-in-quality bias. As opportunities develop, we will consider redeploying reserves, a process that has already begun. At the same time, short-term yields have risen meaningfully, and we are comfortable with how we are being paid.

¹  A credit cycle is a cyclical pattern that follows credit availability and corporate health.

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LOOMIS SAYLES CREDIT INCOME FUND

Hypothetical Growth of $100,000 Investment in Class Y Shares³

September 29, 2020 (inception) through September 30, 2022

Average Annual Total Returns — September 30, 2022³

							Expense Ratios4
	1 Year			Life of Fund			Gross			Net
Class Y (Inception 9/29/20)
NAV		-15.59	%		-5.82	%		4.54	%		0.57	%
Class A (Inception 9//29/20)
NAV		-15.88			-6.04			4.79			0.82
With 4.25% Maximum Sales Charge		-19.43			-8.04
Class C (Inception 9/29/20)
NAV		-16.53			-6.81			5.60			1.57
With CDSC1		-17.35			-6.81
Class N (Inception 9/29/20)
NAV		-15.63			-5.77			1.16			0.52
Comparative Performance
Bloomberg U.S. Credit Index2		-17.89			-8.81

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

1 Class C shares performance assumes a 1% CDSC applied when you sell shares within one year of purchase.

2 Bloomberg U.S. Credit Index measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related bond markets. It is composed of the U.S. Corporate Index and a non-corporate component that includes non-U.S. agencies, sovereigns, supranationals and local authorities. The Index was called the U.S. Corporate Index until July 2000, when it was renamed to reflect its inclusion of both corporate and non-corporate issuers. The Index is a subset of the U.S. Government/Credit Index and U.S. Aggregate Index.

3 Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

4 Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

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LOOMIS SAYLES GLOBAL ALLOCATION FUND

Managers	Symbols
Matthew J. Eagan, CFA®	Class A    LGMAX
Eileen N. Riley, CFA®	Class C    LGMCX
David W. Rolley, CFA®	Class N    LGMNX
Lee M. Rosenbaum	Class Y    LSWWX
Loomis, Sayles & Company, L.P.

Investment Goal

The Fund seeks high total investment return through a combination of capital appreciation and current income.

Market Conditions

Global markets suffered declines in the 12-month period ended September 30, 2022, reflecting a broad assortment of unfavorable headlines. A sharp increase in inflation prompted the US Federal Reserve (Fed) and other central banks to raise interest rates aggressively; rates were boosted in the US by a total of three percentage points in the first nine months of 2022. Rising rates, in turn, fueled concerns about the potential for a recession.

Russia’s invasion of Ukraine in February 2022 also contributed to the downturn. The event brought geopolitical issues back to the forefront, as well as further pressured commodity prices and global supply chains. It also led to concerns about the outlook for the European economy, potentially creating a headwind for US-based multinational companies.

Stocks responded unfavorably to these developments, with poor returns and elevated volatility. The MSCI All Country World Index declined over 20% for the period, with all sectors registering losses except for the energy sector. The communication services, consumer discretionary and information technology sectors posted the largest declines.

In fixed income, tighter Fed policy not only led to a rise in prevailing yields, but also fueled an increase in investors’ aversion to risk more generally. As a result, more volatile asset categories that trade based on their yield advantage (or “spread”) over Treasurys faced an added headwind.

Performance Results

For the 12 months ended September 30, 2022, Class Y shares of Loomis Sayles Global Allocation Fund returned -25.41% at net asset value. The Fund underperformed its primary benchmark, the MSCI All Country World Index (Net) which returned-20.66%, and its secondary blended index (60% MSCI All Country World Index (Net)/40% Bloomberg Global Aggregate Bond Index) which returned -20.41%.

Explanation of Fund Performance

In equities, the three largest detractors from returns were ASML, Salesforce, and Airbnb.

ASML is a leader in photolithography, the process in which a light source is used to etch a pattern on a silicon wafer. The company is uniquely positioned in EUV (extreme ultraviolet), the next generation technology, which is needed for chipmakers to continue to make chips smaller while maintaining their power. The barriers to entry are high, given the required technical expertise (to illustrate, EUV was in development for ten years) and associated R&D spending. ASML partners with its customers, aligning its product roadmap with theirs, which we believe has led to a symbiotic relationship. ASML is moving toward a value-based service model under which the company will be paid per wafer output of the machines, which should be more profitable. Under this model, ASML must deliver a certain level of output and fill any shortfalls at no additional cost to the customer. Assuming their machines are delivering as promised, we believe the company should enjoy a solid revenue stream and margin boost based on chip output. Currently, the services business accounts for a little more than a quarter of revenues. We believe ASML has sound capital allocation policies, selectively doing bolt-on acquisitions (such as Berliner Glas) while growing its dividend and opportunistically buying back shares (the company is currently nearing completion of a €9B repurchase program).

Shares of ASML underperformed along with the broader semiconductor sector on geopolitical tensions and concerns over a fall in demand for chips (i.e., the cycle “peaking”). However, ASML reported solid orders and backlog; our view remains that there is a strong long-term environment with many secular demand drivers. The company has a solid balance sheet, currently in a net cash position with no debt due until 2023. We expect intrinsic value growth to be driven by revenues and margin expansion, as the company improves its efficiencies across its EUV and DUV (direct ultraviolet) production lines and ramps up its next product, high-NA (numerical aperture) EUV.

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LOOMIS SAYLES GLOBAL ALLOCATION FUND

Salesforce is an enterprise software company with leadership in large and growing markets. Salesforce pioneered “software as a service” (SaaS), which allows customers to access its product via the internet. Since its founding in 1999, Salesforce has fine-tuned its original product as well as added more services, creating the “Salesforce economy”. It now operates four “clouds”: Sales Cloud, Service Cloud, Marketing and Commerce Cloud, and Salesforce Platform.

Shares were weak after announcing a mixed set of quarterly results in August. Company guidance for the third quarter was lower than expected, due to a combination of foreign currency headwinds and a challenging macroeconomic environment. Management indicated customers are becoming more cautious which is resulting in a longer sales cycle and some deal compression. On the positive side, the company maintained its full-year adjusted operating margin target and announced approval for a $10 billion share repurchase program. Later in the quarter, at its investor day, Salesforce reaffirmed its fiscal year 2026 targets of $50 billion in revenue and 25% or better adjusted operating margins.

Notwithstanding the current macro challenges, we expect Salesforce to remain both a key beneficiary and enabler of digital transformation for the foreseeable future, leveraging its scale, go-to-market expertise, ecosystem approach, and strategic growth strategies. Salesforce’s suite of applications support essential components of its customers’ businesses, reinforcing the recurring nature of Salesforce’s software subscription revenue.

Airbnb is an online marketplace for short-term stays and vacation rentals. Over the last decade, Airbnb has disrupted the lodging industry by creating a platform where homeowners can offer their properties for rent, introducing significantly more choice for consumers. Our investment thesis on Airbnb is driven by its leadership position within this large addressable market. Airbnb’s capital-lite platform, where it collects commissions for each rental, benefits from a powerful network effect. The more property owners who list their properties with Airbnb the more renters it attracts, and vice versa. Airbnb’s platform offers a superior consumer experience for both the host and the guest driven by trust; hosts can access guest profiles and provide feedback on guests, while guests can also supply reviews and ratings on hosts. We believe this experience has created a brand synonymous with seamless private rentals, evidenced by the high percentage (over 90%) of direct traffic to Airbnb.com.

Shares outperformed following the company’s second quarter results; the company reported growth in room nights, solid margins and strong free cash flow generation. Management also announced a $2 billion share buyback and highlighted a positive trajectory for the travel recovery.

Going forward, we expect intrinsic value growth for Airbnb to be driven by revenue growth and margin expansion. The company has a number of opportunities to grow its top line through increasing its share, offering its users ancillary travel services, and entering new verticals, such as the hotel market. We expect margins to grow as the company continues to leverage its technology.

In fixed income, the Fund’s positioning along the yield curve (which depicts the relationship among bond yields across the maturity spectrum) and stance with respect to duration and corresponding interest rate sensitivity detracted from performance. Notably, positioning in the US dollar and Canadian dollar-pay markets weighed on performance. In the US dollar-pay market, allocations to the five- and ten-year segments of the yield curve held back performance as the Fed embarked on an aggressive monetary tightening path to tame persistently high inflation, hiking rates 300 basis points so far in 2022.

Corporate credit allocation to the communications, consumer non-cyclical, and consumer cyclical sectors detracted from performance. Within communications, holdings of Dish Network Corp. weighed on return as the company significantly underperformed the broader investment grade telemedia space, reflecting the secular decline of its challenged satellite video business. Holdings of pharmaceuticals in the consumer non-cyclical sector particularly detracted from performance due to political headwinds within the industry as well as headwinds related to the Covid-19 pandemic such as reduced clinical capacity. Within consumer cyclical, surging fuel costs and continued uncertainty surrounding the Omicron variant caused holdings of Norwegian Cruise Line to underperform.

In equities, the three largest contributors to returns were UnitedHealth Group, Northrop Grumman, and Alibaba.

UnitedHealth Group (UNH) is the largest managed care operator (MCO) in the US. The company’s businesses include OptumCare (primary and urgent care centers), OptumInsight which offers back office technology to healthcare providers, and OptumRx, the company’s Pharmaceutical Benefit Manager business. As the largest MCO, it benefits from scale advantages, specifically greater underwriting experience and the ability to leverage non-medical costs. Via its Optum businesses, the company has accumulated valuable medical trend data over decades, providing best-in-class insights which it leverages for its own MCO as well as external clients. UNH rates highly across our quality dimensions; the company has consistently returned cash to shareholders via its growing dividend and share buybacks. It has a strong track record of acquisitions, including Surgical Care Affiliates, Advisory Board, and DaVita Medical Group. We expect intrinsic value growth to be driven by organic top-line growth and modest margin expansion, as well as by continued share repurchases. Valuation is attractive based on our discounted cash flow methodology.

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UNH shares outperformed over the period. The company’s traditional health insurance business continued to demonstrate strong execution, highlighted by continued positive enrollment trends in both the Medicare Advantage and Commercial segments, as well as better-than-expected medical costs. There has also been progress at OptumCare, as the number of patients under full value-based care agreements rose significantly.

We eliminated our positions in Northrop Grumman, an aerospace and defense company, and Alibaba, an e-commerce company, in October and November of 2021, respectively. Shares were strong relative to other holdings in the portfolio as the stocks were sold prior to the market downturn.

In fixed income, security selection within the technology, consumer cyclical, banking, and consumer non-cyclical sectors contributed to performance. Within technology, holdings of CommScope contributed; 2022 growth has been strong, led by its Connectivity and Cable Solutions division. Within the consumer cyclical sector, Uber reported strong earnings heading into the second half of 2022. In the banking sector, holdings of Ally Financial, a leading digital consumer bank, contributed to performance. The company acquired Fair Square Financial, adding credit cards to its diverse product base. Within consumer non-cyclical, holdings of BioMarin contributed to performance, as the biotech company significantly outperformed the industry.

Holdings of inflation-linked securities contributed positively to performance over the period as inflation reached historically high levels. In particular, allocations to US Treasury-inflation-protected securities and Japan government inflation-linked bonds added to performance.

The Loomis Sayles Global Allocation Fund entered into forward currency contracts for hedging purposes and to mitigate exposure where investment allocation decisions caused the Fund to be either overweight or underweight in certain currencies versus the benchmark when measured in combination with bond exposures to each currency. For most of the year, the Fund held long forward positions of the Euro and Japanese Yen to bring it in line with the benchmark, while being short on the Canadian Dollar for hedging purposes. For the Euro and Yen, a combination of higher US yields relative to these regions, and less vulnerability in the trade balances from accelerating oil prices, led to general US dollar appreciation against these currencies. Given strongly negative returns of rolling long Euro and Yen currency forwards against the dollar, there was a material cost to performance from having used FX forwards. As for the Canadian Dollar (CAD), hedging of our CAD exposure was beneficial, as it reduced our overall exposure to CAD-denominated securities, which depreciated against the US dollar over the year. The use of FX forwards in total detracted from performance.

Outlook

Tighter global monetary policies have increased the odds of a recession. Decelerating, but positive global growth in 2022 remains the base case; however recession risks continue to rise as central bank tightening and demand destruction from higher inflation slow the global economy. Consensus expectations for corporate profit growth have held up well as underlying fundamentals are currently favorable, but they will likely start to decline as we head into 2023.

Inflation is expected to remain sticky, given the volatile geopolitical backdrop, tight labor markets, and only partially resolved supply chain issues. Wage pressure, service sector prices, and home price impacts on core inflation are expected to decelerate, yet remain elevated. Gas prices have come down which has helped ease the pain for US consumers, but core inflation is likely to remain stubbornly high. In the US, we see headline and core inflation nearing 3.25-3.5% in twelve months’ time. Near-term consensus inflation forecasts indicate that the Fed and other central banks will not be able to bring inflation down to their target levels until 2024 and we expect the Fed to continue its hawkish path. The near-term squeeze in European energy markets and depth of the economic downturn are key inputs into the path of prices but are difficult to predict with any precision, leaving fixed income markets volatile.

The US dollar could continue to strengthen over the short term, led by a hawkish Fed, rising US Treasury yields, and the volatile geopolitical backdrop. The US economy is benefiting from being relatively less exposed to energy prices. Other factors contributing to dollar strength include China’s zero-Covid policy and property market issues, and Europe’s acute energy supply shortage. We expect the dollar to remain strong until global growth begins to improve.

Europe remains a source of potential risk if the region’s energy crisis leads to an accelerating decline in industrial production. The potential escalation of the crisis in Ukraine also remains an important risk. We are keeping a close eye on these developments, as well as policy responses from the region’s governments and central banks.

We believe China’s GDP growth target of 5.5% for 2022 is now beyond reach; we forecast 3.5% growth. China continues to respond to Covid-19 outbreaks with strict lockdowns, at the expense of economic growth. The Chinese property market is no longer making front-page news, but it remains a risk. China has a hefty weight in the global economy, and a crisis in China could have spillover effects to the rest of the world.

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LOOMIS SAYLES GLOBAL ALLOCATION FUND

In equities, we currently hold a diverse group of technology names spanning semiconductor manufacturing and equipment, software, and consulting companies. We have select exposure to consumer names that we believe are uniquely positioned, including companies capturing e-commerce demand, physical retailers with a differentiated value offering, and companies with valuable brands. We have focused our healthcare exposure toward higher growth areas in the industry, and away from areas exposed to reimbursement risk. In financials, our holdings have leading market positions in retail banking, asset management and investment banking. We believe our holdings have sustainable competitive advantages and strong balance sheets, evidenced by the portfolio’s return on equity, which is meaningfully higher than the MSCI ACWI benchmark, and financial leverage which is less than the benchmark by key measures (on a net/debt to EBITDA basis). We believe these characteristics allow our companies the flexibility to weather uncertain environments, and quite possibly emerge stronger.

Top Ten Holdings as of September 30, 2022

Security Name			% of Net Assets
	1	Amazon.com, Inc.		3.13	%
	2	Danaher Corp.		3.05
	3	Alphabet, Inc., Class A		2.92
	4	S&P Global, Inc.		2.89
	5	Linde PLC		2.79
	6	Cummins, Inc.		2.75
	7	Salesforce, Inc.		2.72
	8	Accenture PLC, Class A		2.72
	9	Airbnb, Inc., Class A		2.70
	10	UnitedHealth Group, Inc.		2.67

The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced. The holdings listed exclude any temporary cash investments, are presented on an individual security basis and do not represent holdings of the issuer.

Hypothetical Growth of $100,000 Investment in Class Y Shares⁴

September 30, 2012 to September 30, 2022

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Average Annual Total Returns — September 30, 2022⁴

										Life of Class N		Expense Ratios5
	1 Year			5 Years			10 Years					Gross			Net
Class Y
NAV		-25.41	%		3.24	%		5.97	%		—		0.87	%		0.87	%
Class A
NAV		-25.59			2.99			5.70			—		1.12			1.12
With 5.75% Maximum Sales Charge		-29.86			1.78			5.08			—
Class C
NAV		-26.16			2.22			5.07			—		1.87			1.87
With CDSC1		-26.85			2.22			5.07			—
Class N (Inception 2/1/17)
NAV		-25.36			3.32			—			5.21		0.80			0.80
Comparative Performance
MSCI All Country World Index (Net)2		-20.66			4.44			7.28			6.33
Blended Index3		-20.41			1.96			4.12			3.53

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

1 Performance for Class C shares assumes a 1% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase.

2 MSCI All Country World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

3 Blended Index is an unmanaged, blended index composed of the following weights: 60% MSCI All Country World Index (Net) and 40% Bloomberg Global Aggregate Bond Index. The Bloomberg Global Aggregate Bond Index provides a broad-based measure of the global investment-grade fixed income markets. The four major components of this index are the U.S. Aggregate, the Pan-European Aggregate, the Asian-Pacific Aggregate, and the Canadian Aggregate Indices. The Index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities.

4 Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

5 Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

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LOOMIS SAYLES GROWTH FUND

Manager	Symbols
Aziz V. Hamzaogullari, CFA®	Class A    LGRRX
Loomis, Sayles & Company, L.P.	Class C    LGRCX
	Class N    LGRNX
	Class Y    LSGRX

Investment Goal

The Fund seeks long-term growth of capital.

Market Conditions

The US equity markets suffered a pronounced decline in the 12-month period ended September 30, 2022, reflecting a broad assortment of unfavorable headlines. A sharp increase in inflation, which prompted the US Federal Reserve (Fed) and other central banks to raise interest rates aggressively, was a likely factor weighing on performance. The Fed boosted rates by a total of three percentage points in the first nine months of 2022, and at the close of the period investors were expecting several more increases before year-end. Rising rates, in turn, may have fueled concerns about the potential for a meaningful slowdown in economic growth and corporate earnings in 2023.

Russia’s invasion of Ukraine in February 2022 was another potential catalyst for the downturn in equities. The event not only brought geopolitical issues back to the forefront, but it also contributed to an increase in commodity prices and added further stress to global supply chains. It also led to concerns about the outlook for the European economy, potentially creating a headwind for US-based multinational companies.

Stocks responded unfavorably to these developments, with poor returns and elevated volatility. Growth stocks, which had led the market higher in the rally of 2020-2021, underperformed as rising interest rates may have prompted investors to gravitate away from companies whose cash flows are weighted further in the future. Small-cap equities, which are seen as being vulnerable to the effects of slowing growth, trailed large caps. On the positive side, the energy sector finished with a gain thanks to strength in the related commodities.

Performance Results

For the 12 months ended September 30, 2022, Class Y shares of Loomis Sayles Growth Fund returned -27.29% at net asset value. The Fund underperformed its benchmark, the Russell 1000^® Growth Index, which returned -22.59%.

Explanation of Fund Performance

We are an active manager with a long-term, private equity approach to investing. Through our proprietary bottom-up research framework, we look to invest in those few high-quality businesses with sustainable competitive advantages and profitable growth when they trade at a significant discount to intrinsic value. Given the rare confluence of quality, growth, and valuation, we may study dozens of companies but may only invest in a select few businesses each year. We believe identifying those few businesses with these characteristics is an art, not a science. As a result of this rigorous approach, ours is a selective, high-conviction portfolio of typically 30-40 names.

The Fund’s positions in Vertex Pharmaceuticals, Schlumberger, and Regeneron Pharmaceuticals contributed the most to performance. Stock selection in the healthcare, communication services, and financials sectors, along with our allocations in the healthcare, industrials, consumer discretionary, and energy sectors, contributed positively to relative performance.

Vertex Pharmaceuticals is the leader in creating therapies for patients suffering from cystic fibrosis (CF), with four currently approved treatments, and the company is building out its capabilities to address related diseases that lever its core expertise in biology and medicinal chemistry. A strategy holding since June 2021, Vertex reported financial results during the period that reflected the continued penetration of Trikafta, its latest and most efficacious CF therapy. The company continues to penetrate the global market, both through new patients that did not previously have a therapy available and patients switching from older generations of therapies to the new standard of care. Vertex has now reached reimbursement agreements with more than 25 countries since Trikafta’s approval in late-2019. While most of the company’s pipeline assets outside of CF are still very early stage, the company also continues to make progress across a range of disease areas and expects to make regulatory filings for its CTX001 therapy for blood disorders, co-developed with CRISPR Therapeutics, by year-end 2022. We believe Vertex’s strong and sustainable competitive advantages include its unparalleled understanding of CF, for which it is recognized as setting the standard of care, its partnerships with the CF Foundation and other entities that enhance its solutions capabilities, and its broader understanding of biology and serial approach to

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drug development. We believe expectations embedded in Vertex’s share price underestimate the defensibility of its dominant CF franchise, the life-changing benefit of its therapies for its growing base of 40,000 patients, and the strength of its science and innovation ability that is contributing to a growing pipeline of potentially transformative therapies outside of CF. We trimmed the position during the period following strong price performance but continue to believe the shares embed expectations for revenue and free cash flow that are below our long-term expectations. As a result, we believe the shares are trading at a discount to our estimate of intrinsic value and offer an attractive reward-to-risk opportunity.

Schlumberger is the world’s leading supplier of technology, equipment, integrated project management, and information solutions to the global oil and gas exploration and production industry. Over its 95-year history, Schlumberger has built a brand and reputation for delivering consistent service and product excellence across the spectrum of exploration, drilling, and production. Only a few companies can compete with the scope of Schlumberger’s integrated suite of products and services, and even fewer can compete with the scale and depth of its technology and service execution. We have owned our position in Schlumberger since the third quarter of 2008, prior to assuming management of the Fund in 2010. At the time, we believed a bubble in commodity pricing was leading to extremely high embedded expectations that resulted in very few energy companies looking attractive through our bottom-up assessment of reward to risk. However, following a significant oil price correction that began in September 2008, we initiated our position in Schlumberger and added to it in 2009 as the substantial decline in oil prices increased the attractiveness of Schlumberger’s reward to risk. We believed Schlumberger’s strong and sustainable competitive advantages included its brand and reputation, scale, history of and commitment to developing innovative technology, the breadth of its integrated product suite, and its institutional knowledge. Further, we believed that secular growth in the long-term global demand for oil, arising primarily from the need to replace naturally depleting reserves, is driving the need to extract hydrocarbons from harsher environments that are increasingly difficult to reach or extract from. We believe services like those Schlumberger provides are essential to profitably meeting long-term ongoing demand for hydrocarbon production. Over our holding period the oil price environment has endured significant challenges. Prompted by the rapid proliferation of shale oil and gas, over a two-year period which began in 2014 oil prices fell by over 70% and industry spending fell by over 50%. Despite this, Schlumberger gained share and maintained leading margins, while several competitors posted losses or very thin margins. Schlumberger was one of the few companies to generate positive free cash flow during the downturn and continued to invest to strengthen its ability to offer integrated solutions to clients. More recently, oil experienced a record price decline in the first quarter of 2020 due to Covid-19-related demand weakness in China and a price war between OPEC and Russia, and demand remained depressed throughout much of 2021 as a result of the global lockdown and continued travel restrictions. In spite of these challenges, we believe Schlumberger continued to execute well and further strengthened its competitive differentiation versus peers. With our assessment of Schlumberger’s quality and long-term secular growth opportunity remaining intact, we took advantage of declines in the company’s share price, with our last addition coming in November 2020. From that point, the company was among our highest returning securities until we exited the position in March 2022. Despite the strong recent performance, we consider Schlumberger to be among our investment mistakes. We believe that in the long term, the price of oil should be driven by supply and demand and be equal to or above the marginal cost of producing oil. Even taking into account our most dire demand projections, we believed the natural decline in reserves of around 7% per year would drive the continued need to extract oil. However, excess supply as a result of the shale boom coincided with a once-in-a-century decline in demand and sharply lowered demand for Schlumberger’s products and services. Our initial value range analysis should have captured this range of outcomes but did not. Ideally, we like to recognize our mistakes as early as possible. Regardless of when we recognize a mistake, at that point we always make a forward-looking assessment as we did with Schlumberger in fall of 2020 when we concluded that the market was overly penalizing the company’s shares and increased our investment at very attractive prices. Upon exiting the position in March of 2022, we allocated the proceeds to new positions in Block, Netflix, PayPal, and Shopify.

Regeneron Pharmaceuticals, Inc. is a fully integrated biopharmaceutical company created with the vision to empower scientists to shape the path of the business. Regeneron has created enabling technologies, platforms, and methods that materially speed target discovery and development timelines, allowing the company to develop viable candidates for clinical trial faster than its competitors. As a result of these technologies, Regeneron was able to negotiate risk-mitigating collaborations with larger biopharmaceutical company partners that fund early-stage research and development in exchange for a share of potential profits, enabling Regeneron to access scale and distribution strength. A holding since the third quarter of 2016, shares responded positively following the company’s September 2022 announcement that trials for a higher dose (8mg) of Aflibercept, the same drug behind the company’s leading Eylea therapy, showed comparable efficacy and safety when dosed at 12 to 16 weeks as 2mg Eylea, which is dosed every 8 weeks. The results, which are accompanied by an established safety profile after Eylea’s decade on the market, are superior to any existing or clinical therapy, and should firmly maintain the company’s leadership in treating diseases of the back of the eye. Further, because the higher dose required a new formulation and some modifications to the underlying molecule, Regeneron will file for a new patent, which if successful, would provide another decade of protection versus biosimilar competition, which is expected to emerge for Eylea sometime over the next two-to-four years. Financial results were volatile during the period due to the company’s success with REGN-Cov, an antibody therapy for Covid-19 that contributed substantially in the first half of the period. We expected demand for REGN-Cov to provide only a short-term boost to results and instead viewed the therapy as further evidence of Regeneron’s ability to

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LOOMIS SAYLES GROWTH FUND

rapidly respond with novel innovation at a speed that we believe exceeds competitors — capabilities we consider to be at the core of its competitive advantage. Core operating results during the period reflected market share gains for Eylea, a treatment for eye diseases and the company’s largest revenue generator, continued traction for Dupixent, the company’s innovative treatment for atopic dermatitis and allergic asthma, an expanding number of indications for Libtayo, the company’s first approval in the field of immuno-oncology, and meaningful progress in its pipeline. With the continued investments in the company’s broad range of pipeline programs laying the groundwork for sustainable long-term revenue generation, we believe Regeneron is among the highest quality businesses in healthcare, with both broad-based established therapies and meaningful pipeline assets, which include approximately 30 product candidates in clinical development that were generated using the company’s proprietary technology. We trimmed the position during the period on strong price performance but continue to believe that Regeneron’s market price embeds a lack of appreciation for the company’s multiple short-term and longer-term growth opportunities and the uniqueness of its financial model. As a result, we believe the shares trade at a discount to our estimate of intrinsic value and offer an attractive reward-to-risk opportunity.

The Fund’s positions in Meta Platforms, Boeing, and Alphabet detracted the most from performance. Stock selection in the information technology, industrials, consumer discretionary, and consumer staples sectors, along with our allocations in the communication services, consumer staples, and information technology sectors, detracted from relative performance.

Meta Platforms operates online social networking platforms that allow people to connect, share, and interact with friends and communities. With over 3.6 billion monthly users and 200 million businesses worldwide using its family of apps — Facebook, Messenger, WhatsApp, and Instagram — the scale and reach of Meta’s network is unrivaled. A strategy holding since its IPO in the second quarter of 2012, Meta reported financial results during the period that were generally mixed with respect to consensus expectations. However, shares declined substantially following the company’s fourth quarter financial report in early February. Operating expenses were greater than expectations and the company issued guidance for the first quarter of 2022 that was well below expectations, which it attributed to headwinds arising from recent privacy restrictions by Apple, the continuing impact of macro weakness such as supply chain disruptions on advertising spending, and the company’s transition to a new product format — short term video — where monetization is currently lower. Management previously addressed the changes by Apple, which it believes decreased the accuracy of Facebook’s ad targeting, increased the difficulty of measuring outcomes, and contributed to underreporting of successful conversions such as sales and app installs by approximately 15% in the third quarter of 2021. The company has already been investing in a number of solutions, including commerce tools to help businesses reach more customers and privacy-enhancing technologies, and believes it has closed a substantial portion of the measurement gap. The company expects to further reduce the amount of underreporting in 2022 but expects the changes will remain a headwind. Apple’s changes impact not just Meta, but the broader mobile advertising ecosystem. As a function of its competitive advantages, we believe Meta remains well positioned relative to its peers, and there are no changes to our assessment of the company’s quality or secular growth opportunities. Another near-term headwind is the company’s capital investments in and transition to a new product format — the short-form video. During our ownership of Meta, Facebook has gone through several product transitions including from desktop to mobile platforms, from newsfeed to stories, and now to short-form videos. Each such transition first requires capital expenditures followed by a gradual revenue ramp-up, creating pressures on topline, margins, and earnings. Over time, the required investment decreases and revenues increase. Of note, the Instagram “Reels” product, launched in August 2020, is now Meta’s fastest growing content format and largest contributor to engagement. The company previously reported that Reels was consuming more than 20% of users’ time spent on Instagram, and video, including FB Reels, accounted for 50% of time spent on Facebook. In the most recent quarter, the company reported a further 30% increase in time people spent on Reels across FB and Instagram. We believe this is a necessary cycle for maintaining sustainable competitive advantages and long-term growth. Despite the near-term pressure on financial results, Meta continues to have significant advantages arising from its network of almost 3 billion daily users of its family of apps, 200 million businesses that use its platforms and tools every month, and 10 million advertisers who have consistently paid more per user for access to its rare network. We expect that corporations will continue to allocate an increasing proportion of their advertising spending online, and Meta remains one of very few platforms where advertisers can reach consumers at such scale in such a targeted and effective fashion. We believe Meta’s brands, network, and targeting advantage position the company to take increasing share of the industry’s profit pool and grow its market share from 6% currently to approximately 10% of the total global advertising market over our investment time horizon. We also believe that the expectations embedded in Meta’s current share price show a lack of appreciation for the company’s growth opportunities and the sustainability of its business model. We believe the consensus expectations and current market price reflect assumptions for free cash flow growth that are well below our long-term expectations of high-teens cash flow growth. As a result, we believe the shares trade at a significant discount to our estimate of intrinsic value, creating a compelling reward-to-risk opportunity. We took advantage of near-term market weakness to add to our position in February, April, and July.

Founded in 1916, Boeing is a global leader in the commercial and defense aerospace industries. The company manufactures commercial aircraft for passenger and cargo traffic as well as manned and unmanned military aircraft, missile and defense systems, satellites and launch systems, and other space and security systems. Along with Airbus, Boeing is part of a global duopoly that accounts for almost all commercial planes sold with greater than 125 seats — the largest market segment. A holding since March 2020, Boeing’s financial

15  |

results during the period were mixed and largely below expectations, but the company posted positive quarterly earnings for the first time since 2019, and positive quarterly free cash flow for the first time in almost three years. Boeing also expects free cash flow to be positive for the full year in 2022. Boeing has made significant progress with the 737 MAX, which is now cleared to fly in almost all countries with the major exception of China. The company had originally anticipated the MAX would be approved in China in the first quarter of 2022, but a combination of ongoing Covid flare-ups, an accident in March involving a predecessor to the MAX, and ongoing geopolitical tensions have left timing uncertain. While the company didn’t provide significant new details, Boeing is now assuming it will make no deliveries in China this year, despite a number of Chinese airlines that were already testing the MAX in preparation for its return to service. Boeing has also faced challenges with its 787 model. After deliveries were halted for almost two years to address manufacturing flaws in the body of the aircraft and other faults, in August, the FAA approved a resumption of deliveries. We believed the issues were temporary, not structural, and despite the halt the 787 was the most used widebody aircraft during the pandemic. We estimate that Boeing has approximately $43 billion of aircraft currently in inventory, including 120 787s, which will generate substantial revenue and cash flow as they are likely delivered over the next 12-to-24 months. As of June quarter-end, the company’s backlog of $372 billion, or approximately 4,239 aircraft, was up 2% year over year. Despite the recent weakness, air traffic recovery is underway, and absent further issues with the MAX and 787 we believe the company’s long-term earnings power remains intact. Boeing’s financial results remain significantly impacted by the decline in global air travel due to Covid-19. At its low point in 2020, travel demand, as measured by revenue passenger kilometer (RPK), which represents distance flown by paying passengers, had declined 94% from April 2019. And while demand has gradually improved, as an indicator, in May 2022 RPK still remained 31% below May 2019. We believe the impact of Covid-19, along with the grounding of the MAX, the fourth generation of its most profitable airplane model, represent temporary, not structural, issues that created the opportunity to initiate our position. We believe Boeing’s strong and sustainable competitive advantages include its significant cumulative knowledge and experience in aeronautical development, scale, and a client base that faces switching costs due to plane-specific operational and maintenance issues. Global growth in air travel is the primary secular growth driver for Boeing. Over our long-term investment horizon, we believe demand for global air travel will continue to grow at a mid-single-digit rate, as it has for the past four decades. We believe Boeing is one of only two companies globally which possess the requisite expertise and scale to profitably serve the global demand for commercial aircraft. We believe the current market price embeds overly pessimistic expectations concerning both aircraft deliveries and the degree to which margins are structurally impaired. As a result, we believe the company is selling at a significant discount to our estimate of intrinsic value and offers a compelling reward-to-risk opportunity. We took advantage of near-term price weakness to add to our position on several occasions during the year.

Alphabet is a holding company that owns a collection of businesses — the largest and most important of which by far is Google. Google is the global leader in online search and advertising, and also offers online cloud solutions to businesses and consumers globally. We believe Alphabet’s competitive advantages include its scale, brand strength, the power of its network and business ecosystem, and innovative culture that is reinforced by its massive investments in research and development (R&D). A long-term Fund holding, Alphabet reported financial results during the period that were generally strong and in-line with or better than consensus expectations for revenues and operating profits. After a strong first-half recovery in advertising spending, which had been depressed due to Covid-19 in the prior-year period, still solid double-digit growth in advertising revenue decelerated over the past six months due to challenging prior-year comparisons. The company also observed a slowdown from some advertisers in its YouTube and network advertising businesses. For comparison, YouTube growth of 5% in the most recent quarter came on top of 84% growth in the prior-year period. Despite some cyclical softening in advertising, YouTube continues to benefit from strong demand from brand advertisers due to its reach and engagement with over 2 billion monthly users who recently spent over 1 billion hours daily on the platform. As with other platforms, the company is transitioning to short-form videos, where monetization is currently lower. However, the company reported that YouTube Shorts were being watched each month by over 1.5 billion signed-in users, and that they were receiving over 30 billion daily views. Google Cloud revenue represented approximately 8% of total revenue, and ended the period with a $25 billion run rate, up almost 40% year over year. We believe Google’s key revenue drivers of mobile search, YouTube, programmatic advertising, and an emerging cloud business that is Google’s fastest growing business, each continue to benefit from secular drivers including increased mobility, video advertising, better use of advertising technology to drive performance, and increased penetration of public cloud services. Google’s attractive financial model generates strong free cash flow and earns high returns on invested capital, enabling it to reinvest significantly in its business. Over the past five years, Google has invested over $120 billion in R&D, an amount very few companies could replicate. We believe the global secular shift from traditional advertising to online advertising is the biggest long-term growth driver for Google. Online advertising accounts for approximately $450 billion, or around 25% of the $1.7 trillion annual spending on global advertising and marketing. Over our investment horizon, we believe this penetration will increase to over 40%. We believe investors underestimate Alphabet’s growth opportunities and the intrinsic value of the business given its unique and difficult-to-replicate attributes and business model. As a result, we believe the company’s shares trade at a significant discount to our estimate of intrinsic value and offer a compelling reward-to-risk opportunity.

All aspects of our quality-growth-valuation investment thesis must be present simultaneously for us to make an investment. Often our research is completed well in advance of the opportunity to invest. We are patient investors and maintain coverage of high-quality businesses in order to take advantage of meaningful price dislocations if and when they occur. During the period we initiated new

|  16

LOOMIS SAYLES GROWTH FUND

positions in Block, Netflix, PayPal, Shopify, and Tesla. We added to our existing holdings in Boeing, Disney, Illumina, Intuitive Surgical, Meta Platforms, Salesforce, and Visa. We trimmed our existing positions in Alibaba, Deere, Expeditors International, Oracle, Regeneron Pharmaceuticals, Roche, Vertex Pharmaceuticals, and Yum China. We also trimmed our positions in Alphabet and Nvidia as they approached our maximum allowable position size. We sold our positions in Automatic Data Processing, Cerner, Cisco, Colgate Palmolive, and Schlumberger. We sold ADP, Cerner, and Colgate as they approached our estimate of intrinsic value, and Cisco due to better reward-to-risk opportunities. We sold Schlumberger due to a mistaken investment thesis as outlined above.

Outlook

Our investment process is characterized by bottom-up, fundamental research and a long-term investment time horizon. The nature of the process leads to a lower-turnover portfolio in which sector positioning is the result of stock selection. The Fund ended the year with overweight positions in the communication services, healthcare, industrials, and financials sectors and underweight positions in the information technology, consumer staples, and consumer discretionary sectors. We did not own positions in the real estate, energy, materials, or utilities sectors.

Top Ten Holdings as of September 31, 2022

Security Name			% of Net Assets
	1	Amazon.com, Inc.		6.14	%
	2	Visa, Inc., Class A		6.11
	3	Microsoft Corp.		5.16
	4	Boeing Co. (The)		4.41
	5	Meta Platforms, Inc., Class A		4.24
	6	NVIDIA Corp.		4.11
	7	Monster Beverage Corp.		3.94
	8	Autodesk, Inc.		3.75
	9	Alphabet, Inc., Class A		3.70
	10	Oracle Corp.		3.67

The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced. The holdings listed exclude any temporary cash investments, are presented on an individual security basis and do not represent holdings of the issuer.

Hypothetical Growth of $100,000 Investment in Class Y Shares³

September 30, 2012 through September 30, 2022

17  |

Average Annual Total Returns — September 30, 2022³

										Life of Class N		Expense Ratios4
	1 Year			5 Years			10 Years					Gross			Net
Class Y
NAV		-27.29	%		7.77	%		12.62	%		—		0.64	%		0.64	%
Class A
NAV		-27.48			7.50			12.35			—		0.89			0.89
With 5.75% Maximum Sales Charge		-31.66			6.23			11.68			—
Class C
NAV		-28.05			6.69			11.67			—		1.63			1.63
With CDSC1		-28.73			6.69			11.67			—
Class N (Inception 2/1/13)
NAV		-27.25			7.85			—			11.91		0.56			0.56
Comparative Performance
Russell 1000® Growth Index2		-22.59			12.17			13.70			13.71

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

1 Performance for Class C shares assumes a 1% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase.

2 Russell 1000^® Growth Index is an unmanaged index that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values.

3 Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

4 Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

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LOOMIS SAYLES INTERMEDIATE DURATION BOND FUND

Managers	Symbols
Daniel Conklin, CFA®	Class A    LSDRX
Christopher T. Harms	Class C    LSCDX
Clifton V. Rowe, CFA®	Class N    LSDNX
	Class Y    LSDIX
Loomis, Sayles & Company, L.P.

Investment Goal

The Fund seeks above-average total return through a combination of current income and capital appreciation.

Market Conditions

The fixed-income markets experienced significant, broad-based weakness in the 12-month period that ended on September 30, 2022. Inflation, which had already been increasing throughout 2021, took another leg higher in February 2022 after Russia’s invasion of Ukraine created additional supply-chain pressures and led to a spike in commodity prices. Consumer price inflation remained elevated long after the conflict began. Inflation has seemingly peaked at 9.1% in June, though has yet to meaningfully recover.

The U.S. Federal Reserve (Fed) responded with an aggressive series of interest-rate increases, bringing its benchmark fed funds rate to a range of 3.0% to 3.25% from 0% to 0.25% at the start of 2022. This marked the largest move in such a short interval since 1980. Perhaps even more important for the markets, investors continued to ratchet up their expectations for the “terminal rate” in 2023; or in other words, the level at which the Fed was likely to stop raising rates.

Tighter Fed policy not only led to a rise in prevailing yields, but also fueled an increase in investors’ aversion to risk more generally. As a result, more volatile asset categories that trade based on their yield advantage (or “spread”) over Treasuries faced an added headwind.

US Treasuries endured one of their worst stretches of performance in over 40 years. The two-year note, which is more sensitive to Fed policy shifts than other portions of the yield curve, soared from 0.28% to 4.22% over the course of the 12-month period (as its price fell). Longer-term bonds also lost ground, but to a lesser extent: the yield on the 10-year issue climbed from 1.52% at the start of the period to 3.83% on September 30, 2022.

One result of these moves was that the yield curve inverted significantly (meaning that short-term yields traded above those on longer-term debt). In late September, in fact, the yield curve moved to its largest inversion since 1982.

Investment-grade corporate bonds lagged considerably due to both the increase in prevailing yields and rising yield spreads (particularly for lower-quality issues in the category). Notably, major corporate bond indexes fell to levels last seen in 2009 during the immediate aftermath of the Global Financial Crisis. The yield on the ICE BofA US Corporate Index reached 5.75% in the final week of September — another level not seen since 2009.¹

Amidst rising inflation, geopolitical instability, and a broad selloff in rates and risk markets, securitized credit markets have generally produced negative total and excess returns over the past 12 months. Down in credit collateralized loan obligations (CLOs) have suffered the most as prices on underlying bank loans have dropped significantly. Sectors like consumer asset-backed securities (ABS) with lower interest rate sensitivity and less direct impact from geopolitical instability have underperformed less. Sectors like commercial ABS, namely aircraft, have been negatively impacted. Pockets of the commercial mortgage-backed securities (CMBS) market have held in relatively well amidst a longer-term recovery from Covid-19 related shocks. Senior tranches of residential mortgage-backed securities (RMBS) have provided positive excess returns while subordinates have sold off. Agency mortgage-backed securities (MBS) produced significantly negative excess returns versus US Treasurys. Agency MBS has experienced massive interest rate volatility and the impact of concerns related to quantitative tightening.

Performance Results

For the 12 months ended September 30, 2022, Class Y shares of Loomis Sayles Intermediate Duration Bond Fund returned-10.76% at net asset value. The Fund underperformed its benchmark, the Bloomberg U.S. Intermediate Government/Credit Bond Index, which returned -10.14%.

Explanation of Fund Performance

The Fund’s positioning along the yield curve (which depicts the relationship among bond yields across the maturity spectrum) and stance with respect to duration and corresponding interest rate sensitivity led positive contributions to relative performance during the period. Specifically, the Fund was underweight the short end of the curve as the Fed raised its benchmark overnight lending rate.

19  |

Within corporate bonds, holdings within the electric, transportation and technology industries contributed positively to performance. The Fund’s holdings of cash and cash equivalents also contributed to results given the weakness in bond markets.

On the downside, the Fund favored credit-oriented sectors such as corporate bonds and securitized assets which trade at a yield spread relative to US Treasuries. As credit spreads widened over the period, these allocations weighed on results. The Fund’s underweight to and security selection within government- related securities also hindered results.

Outlook

The Fed continued to show resolve in the face of persistent inflation pressures and tight labor markets, hiking its benchmark overnight lending rate by another 75 basis points both in July and September. The Fed has tightened by 300 basis points year-to-date, with another 100 basis points currently priced in by year-end. Despite a brief rally in bond prices in July, rates rose once again in response to decidedly hawkish Fed forward guidance and a September inflation report that surprised to the upside. The September dot plot displaying Fed Open Market Committee members’ expectations for fed funds projects a median peak rate of 4.675% by early 2023, exceeding prior peak pricing by about 25 basis points. We ended the quarter with an inverted yield curve and 10-Year Treasuries briefly hitting 4.0%.

We see that the Fed has been successful in tightening financial conditions to slow the economy down and cool inflation. While we wait for better news on inflation, we acknowledge a growing risk that the Fed overshoots and misses the elusive “soft landing”. Global growth is threatened by the energy crisis in Europe, and by central banks who are now also tightening policy in response to growing inflationary pressures. Additionally, the Russia-Ukraine conflict continues to escalate and contribute to market volatility and uncertainty.

We believe we are in the later phases of the credit cycle², as shown by the significant spread widening that has occurred over the past three quarters, as well as the significant retracement of equity market indices. Government, corporate and consumer balance sheets entered this part of the cycle in a strong position, but are showing some strains from higher inflation, tightening credit conditions and greater economic uncertainty.

We continue to favor spread sectors, such as corporate bonds and securitized assets. We have increased risk exposure primarily through corporate bonds as we continue to find attractively priced new issues with favorable concessions.

We are still overweight both agency and non-agency commercial mortgage-backed securities, particularly senior parts of the capital stack.

Intermediate and short duration strategies are still focused on opportunities with limited prepayment risk.

We continue to favor asset-backed securities in the front end of the yield curve, particularly those backed by consumer-related collateral such as autos and credit card receivables.

We continue to follow our process of building diversified exposures by asset class, industry and issuers.

1 Source: Federal Reserve Bank of St. Louis Economic Database

2 A credit cycle is a cyclical pattern that follows credit availability and corporate health

|  20

LOOMIS SAYLES INTERMEDIATE DURATION BOND FUND

Hypothetical Growth of $100,000 Investment in Class Y Shares^1,4

September 30, 2012 through September 30, 2022

21  |

Average Annual Total Returns — September 30, 2022⁴

										Life of Class N		Expense Ratios5
	1 Year			5 Years			10 Years					Gross			Net
Class Y1
NAV		-10.76	%		0.67	%		1.36	%		—		0.45	%		0.40	%
Class A1
NAV		-10.98			0.41			1.10			—		0.70			0.65
With 4.25% Maximum Sales Charge		-14.77			-0.46			0.66			—
Class C (Inception 8/31/16)1
NAV		-11.65			-0.35			0.47			—		1.45			1.40
With CDSC2		-12.52			-0.35			0.47			—
Class N (Inception 2/01/19)	-10.73			—			—			0.56		0.38			0.35
Comparative Performance
Bloomberg U.S. Intermediate Government/Credit Bond Index3		-10.14			0.38			1.00			0.16

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

1 As of August 31, 2016, the Fund’s Retail Class shares and Institutional Class shares were redesignated as Class A shares and Class Y shares, respectively. Accordingly, the returns shown in the table for Class A shares prior to August 31, 2016 are those of Retail Class shares, restated to reflect the sales loads of Class A shares, and the returns in the table for Class Y shares prior to August 31, 2016 are those of Institutional Class shares. Prior to the inception of Class C shares (August 31, 2016), performance is that of Retail Class shares, restated to reflect the higher net expenses and sales loads of Class C shares.

2 Class C shares performance assumes a 1% CDSC applied when you sell shares within one year of purchase.

3 Bloomberg U.S. Intermediate Government/Credit Bond Index includes securities in the intermediate maturity range within the Government and Credit Indices. The Government Index includes treasuries (i.e., public obligations of the U.S. Treasury that have remaining maturities of more than one year) and agencies (i.e., publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government). The Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements.

4 Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

5 Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

|  22

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND

Managers	Symbols
Daniel Conklin, CFA®	Class A    NEFLX
Christopher T. Harms	Class C    NECLX
Clifton V. Rowe, CFA®	Class N    LGANX
	Class Y    NELYX
Loomis, Sayles & Company, L.P.

Investment Goal

The Fund seeks high current return consistent with preservation of capital.

Market Conditions

The fixed-income markets experienced significant, broad-based weakness in the 12-month period that ended on September 30, 2022. Inflation, which had already been increasing throughout 2021, took another leg higher in February 2022 after Russia’s invasion of Ukraine created additional supply-chain pressures and led to a spike in commodity prices. Consumer price inflation remained elevated long after the conflict began. Inflation has seemingly peaked at 9.1% in June, though still has yet to meaningfully recover.

The U.S. Federal Reserve (Fed) responded with an aggressive series of interest-rate increases, bringing its benchmark fed funds rate to a range of 3.0% to 3.25% from 0% to 0.25% at the start of 2022. This marked the largest move in such a short interval since 1980. Perhaps even more important for the markets, investors continued to ratchet up their expectations for the “terminal rate” in 2023; or in other words, the level at which the Fed was likely to stop raising rates.

Tighter Fed policy not only led to a rise in prevailing yields, but also fueled an increase in investors’ aversion to risk more generally. As a result, more volatile asset categories that trade based on their yield advantage (or “spread”) over Treasuries faced an additional headwind.

US Treasuries endured one of their worst stretches of performance in over 40 years. The two-year note, which is more sensitive to Fed policy shifts than other portions of the yield curve, soared from 0.28% to 4.22% over the course of the 12-month period (as its price fell). Longer-term bonds also lost ground, but to a lesser extent: the yield on the 10-year issue climbed from 1.52% at the start of the period to 3.83% on September 30, 2022.

One result of these moves was that the yield curve inverted significantly (meaning that short-term yields traded above those on longer-term debt). In late September, in fact, the yield curve moved to its largest inversion since 1982.

Amidst rising inflation, geopolitical instability, and a broad selloff in rates and risk markets, securitized credit markets have generally produced negative total and excess returns over the past 12 months. Down in credit collateralized loan obligations (CLOs) have suffered the most as prices on underlying bank loans have dropped significantly. Sectors like consumer asset-backed securities (ABS) with lower interest rate sensitivity and less direct impact from geopolitical instability have underperformed less. Sectors like commercial ABS, namely aircraft, have been negatively impacted. Pockets of the commercial mortgage-backed securities (CMBS) market have held in relatively well amidst a longer-term recovery from Covid-19 related shocks. Senior tranches of residential mortgage-backed securities (RMBS) have provided positive excess returns while subordinates have sold off. Agency mortgage-backed securities (MBS) produced significantly negative excess returns versus US Treasurys. Agency MBS has experienced massive interest rate volatility and the impact of concerns related to quantitative tightening.

Performance Results

For the 12 months ended September 30, 2022, Class Y shares of Loomis Sayles Limited Term Government and Agency Fund returned -5.42%. The Fund outperformed its benchmark, the Bloomberg U.S. 1-5 Year Government Bond Index, which returned -7.03%.

Explanation of Fund Performance

The Fund’s positioning along the yield curve (which depicts the relationship among bond yields across the maturity spectrum) and stance with respect to duration and corresponding interest rate sensitivity led positive contributions to relative performance, as the Fund was underweight duration as interest rates rose over the period. Security selection within non-agency commercial mortgage-backed securities (CMBS) also contributed to performance. Finally, issue selection within agency pass-through mortgage-backed securities (MBS) and auto-backed receivables within asset-backed securities (ABS) was positive during the period.

23  |

Positioning with respect to US Treasuries detracted from results due to an underweight allocation relative to the benchmark as well as adverse issue selection. Issue selection in student loans within ABS hindered performance as well during the period. Finally, holdings within agency CMBS detracted from results.

Outlook

Agency mortgage-backed security (MBS) spreads (the difference in yield between agency MBS and Treasuries of similar maturity) are trending higher than their longer-term averages. We continue to favor MBS sectors less likely to face refinancing and extension risk, such as low loan balance mortgages and home equity conversion mortgages. Within the commercial real estate sector, we have focused on agency commercial mortgage-backed security (CMBS) opportunities. Our non-agency securitized exposures remain steady, favoring asset-backed securities (ABS) over CMBS.

Hypothetical Growth of $100,000 Investment in Class Y Shares³

September 30, 2012 through September 30, 2022

See notes to charts on page 25.

|  24

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND

Average Annual Total Returns — September 30, 2022³

										Life of Class N		Expense Ratios4
	1 Year			5 Years			10 Years					Gross			Net
Class Y
NAV		-5.42	%		0.41	%		0.61	%		—		0.49	%		0.45	%
Class A
NAV		-5.75			0.16			0.35			—		0.73			0.70
With 2.25% Maximum Sales Charge		-7.86			-0.30			0.12			—
Class C
NAV		-6.43			-0.60			-0.25			—		1.49			1.45
With CDSC1		-7.36			-0.60			-0.25			—
Class N (Inception 2/1/17)
NAV		-5.45			0.47			—			0.61		0.41			0.40
Comparative Performance
Bloomberg U.S. 1-5 Year Government Bond Index2		-7.03			0.36			0.59			0.48

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

1 Class C shares performance assumes a 1% CDSC applied when you sell shares within one year of purchase.

2 Bloomberg U.S. 1-5 Year Government Bond Index is a subindex of the Bloomberg U.S. Government Index, which is comprised of the Bloomberg U.S. Treasury and U.S. Agency Indices. The Bloomberg U.S. Government Index includes Treasuries (public obligations of the U.S. Treasury that have remaining maturities of more than one year) and U.S. agency debentures (publicly issued debt of U.S. government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. government). The Bloomberg U.S. Government Index is a component of the Bloomberg U.S. Government/Credit Index and the Bloomberg U.S. Aggregate Bond Index.

3 Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

4 Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

25  |

ADDITIONAL INFORMATION

The views expressed in this report reflect those of the portfolio managers as of the dates indicated. The managers’ views are subject to change at any time without notice based on changes in market or other conditions. References to specific securities or industries should not be regarded as investment advice. Because the Funds are actively managed, there is no assurance that they will continue to invest in the securities or industries mentioned.

All investing involves risk, including the risk of loss. There is no assurance that any investment will meet its performance objectives or that losses will be avoided.

ADDITIONAL INDEX INFORMATION

This document may contain references to third party copyrights, indexes, and trademarks, each of which is the property of its respective owner. Such owner is not affiliated with Natixis Investment Managers or any of its related or affiliated companies (collectively “Natixis Affiliates”) and does not sponsor, endorse or participate in the provision of any Natixis Affiliates services, funds or other financial products.

The index information contained herein is derived from third parties and is provided on an “as is” basis. The user of this information assumes the entire risk of use of this information. Each of the third party entities involved in compiling, computing or creating index information disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to such information.

PROXY VOTING INFORMATION

A description of the Natixis Funds’ proxy voting policies and procedures is available without charge, upon request, by calling Natixis Funds at 800-225-5478; on the Fund’s website at im.natixis.com; and on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available through the Fund’s website and the SEC’s website.

QUARTERLY PORTFOLIO SCHEDULES

The Natixis Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at www.sec.gov. First and third quarter schedules of portfolio holdings are also available at im.natixis.com/funddocuments. A hard copy may be requested from the Fund at no charge by calling 800-225-5478.

CFA^® and Chartered Financial Analyst^® are registered trademarks owned by the CFA Institute.

|  26

UNDERSTANDING FUND EXPENSES

As a mutual fund shareholder, you incur different costs: transaction costs, including sales charges (loads) on purchases and contingent deferred sales charges on redemptions; and ongoing costs, including management fees, distribution and/or service fees (12b-1 fees), and other fund expenses. Certain exemptions may apply. These costs are described in more detail in the Fund’s prospectuses. The following examples are intended to help you understand the ongoing costs of investing in the Fund and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table of each class of Fund shares shows the actual account values and actual fund expenses you would have paid on a $1,000 investment in the Fund from April 1, 2022 through September 30, 2022. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.6) and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

The second line in the table of each class of Fund shares provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid on your investment for the period. You may use this information to compare the ongoing costs of investing in the Fund to other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown reflect ongoing costs only, and do not include any transaction costs, such as sales charges. Therefore, the second line in the table of the fund is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. If transaction costs were included, total costs would be higher.

LOOMIS SAYLES CORE PLUS BOND FUND	BEGINNING ACCOUNT VALUE 4/1/2022		ENDING ACCOUNT VALUE 9/30/2022		EXPENSES PAID DURING PERIOD* 4/1/2022 – 9/30/2022
Class A
Actual		$1,000.00		$899.30		$3.52
Hypothetical (5% return before expenses)		$1,000.00		$1,021.36		$3.75
Class C
Actual		$1,000.00		$896.60		$7.08
Hypothetical (5% return before expenses)		$1,000.00		$1,017.60		$7.54
Class N
Actual		$1,000.00		$901.10		$1.86
Hypothetical (5% return before expenses)		$1,000.00		$1,023.11		$1.98
Class Y
Actual		$1,000.00		$900.60		$2.33
Hypothetical (5% return before expenses)		$1,000.00		$1,022.61		$2.48

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.74%, 1.49%, 0.39% and 0.49% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period).

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LOOMIS SAYLES CREDIT INCOME FUND	BEGINNING ACCOUNT VALUE 4/1/2022		ENDING ACCOUNT VALUE 9/30/2022		EXPENSES PAID DURING PERIOD* 4/1/2022 – 9/30/2022
Class A
Actual		$1,000.00		$897.20		$3.90
Hypothetical (5% return before expenses)		$1,000.00		$1,020.96		$4.15
Class C
Actual		$1,000.00		$893.60		$7.45
Hypothetical (5% return before expenses)		$1,000.00		$1,017.20		$7.94
Class N
Actual		$1,000.00		$898.50		$2.47
Hypothetical (5% return before expenses)		$1,000.00		$1,022.46		$2.64
Class Y
Actual		$1,000.00		$898.20		$2.71
Hypothetical (5% return before expenses)		$1,000.00		$1,022.21		$2.89

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.82%, 1.57%, 0.52% and 0.57% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period).

LOOMIS SAYLES GLOBAL ALLOCATION FUND	BEGINNING ACCOUNT VALUE 4/1/2022		ENDING ACCOUNT VALUE 9/30/2022		EXPENSES PAID DURING PERIOD* 4/1/2022 – 9/30/2022
Class A
Actual		$1,000.00		$788.10		$5.15
Hypothetical (5% return before expenses)		$1,000.00		$1,019.30		$5.82
Class C
Actual		$1,000.00		$784.90		$8.50
Hypothetical (5% return before expenses)		$1,000.00		$1,015.54		$9.60
Class N
Actual		$1,000.00		$789.20		$3.63
Hypothetical (5% return before expenses)		$1,000.00		$1,021.01		$4.10
Class Y
Actual		$1,000.00		$789.20		$4.04
Hypothetical (5% return before expenses)		$1,000.00		$1,020.56		$4.56

* Expenses are equal to the Fund’s annualized expense ratio: 1.15%, 1.90%, 0.81% and 0.90% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period).

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LOOMIS SAYLES GROWTH FUND	BEGINNING ACCOUNT VALUE 4/1/2022		ENDING ACCOUNT VALUE 9/30/2022		EXPENSES PAID DURING PERIOD* 4/1/2022 – 9/30/2022
Class A
Actual		$1,000.00		$738.00		$3.96
Hypothetical (5% return before expenses)		$1,000.00		$1,020.51		$4.61
Class C
Actual		$1,000.00		$735.00		$7.22
Hypothetical (5% return before expenses)		$1,000.00		$1,016.75		$8.39
Class N
Actual		$1,000.00		$739.00		$2.48
Hypothetical (5% return before expenses)		$1,000.00		$1,022.21		$2.89
Class Y
Actual		$1,000.00		$738.90		$2.88
Hypothetical (5% return before expenses)		$1,000.00		$1,021.76		$3.35

* Expenses are equal to the Fund’s annualized expense ratio: 0.91%, 1.66%, 0.57% and 0.66% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period).

LOOMIS SAYLES INTERMEDIATE DURATION BOND FUND	BEGINNING ACCOUNT VALUE 4/1/2022		ENDING ACCOUNT VALUE 9/30/2022		EXPENSES PAID DURING PERIOD* 4/1/2022 – 9/30/2022
Class A
Actual		$1,000.00		$942.80		$3.17
Hypothetical (5% return before expenses)		$1,000.00		$1,021.81		$3.29
Class C
Actual		$1,000.00		$940.10		$6.81
Hypothetical (5% return before expenses)		$1,000.00		$1,018.05		$7.08
Class N
Actual		$1,000.00		$944.20		$1.71
Hypothetical (5% return before expenses)		$1,000.00		$1,023.31		$1.78
Class Y
Actual		$1,000.00		$945.00		$1.95
Hypothetical (5% return before expenses)		$1,000.00		$1,023.06		$2.03

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.65%, 1.40%, 0.35% and 0.40% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period).

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LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND	BEGINNING ACCOUNT VALUE 4/1/2022		ENDING ACCOUNT VALUE 9/30/2022		EXPENSES PAID DURING PERIOD* 4/1/2022 – 9/30/2022
Class A
Actual		$1,000.00		$972.00		$3.46
Hypothetical (5% return before expenses)		$1,000.00		$1,021.56		$3.55
Class C
Actual		$1,000.00		$968.40		$7.15
Hypothetical (5% return before expenses)		$1,000.00		$1,017.80		$7.33
Class N
Actual		$1,000.00		$973.60		$1.98
Hypothetical (5% return before expenses)		$1,000.00		$1,023.06		$2.03
Class Y
Actual		$1,000.00		$974.20		$2.23
Hypothetical (5% return before expenses)		$1,000.00		$1,022.81		$2.28

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.70%, 1.45%, 0.40% and 0.45% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period).

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LOOMIS SAYLES CORE PLUS BOND FUND, LOOMIS SAYLES GLOBAL ALLOCATION FUND, LOOMIS SAYLES CREDIT INCOME FUND, LOOMIS SAYLES GROWTH FUND, LOOMIS SAYLES INTERMEDIATE DURATION BOND FUND AND LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND

BOARD APPROVAL OF THE EXISTING ADVISORY AGREEMENTS

The Board of Trustees of the Trusts (the “Board”), including the Independent Trustees, considers matters bearing on each Fund’s advisory agreement (collectively, the “Agreements”) at most of its meetings throughout the year. Each year, usually in the spring, the Contract Review Committee of the Board meets to review the Agreements to determine whether to recommend that the full Board approve the continuation of the Agreements, typically for an additional one-year period. This meeting typically includes all the Independent Trustees, including the Trustees who do not serve on the Contract Review Committee. After the Contract Review Committee has made its recommendation, the full Board, including the Independent Trustees, determines whether to approve the continuation of the Agreements at its June board meeting.

In connection with these meetings, the Trustees receive materials that the Funds’ investment adviser and Loomis Sayles Core Plus Bond Fund’s advisory administrator (the “Advisers”) believe to be reasonably necessary for the Trustees to evaluate the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Funds and the performance of peer groups of funds and the Funds’ performance benchmarks, (ii) information on the Funds’ advisory fees and other expenses, including information comparing the Funds’ advisory fees to the fees charged to institutional accounts with similar strategies managed by the Advisers, if any, and to those of peer groups of funds and information about any applicable expense limitations and/or fee “breakpoints,” (iii) sales and redemption data in respect of the Funds, (iv) information about the profitability of the Agreements to the Advisers, including how profitability is determined by the Fund, and (v) information obtained through the completion by the Advisers of a questionnaire distributed on behalf of the Trustees. The Board, including the Independent Trustees, also considers other matters such as (i) each Fund’s investment objective and strategies and the size, education and experience of the Advisers’ investment staffs and their use of technology, external research and trading cost measurement tools, (ii) arrangements in respect of the distribution of the Funds’ shares and the related costs, (iii) the allocation of the Funds’ brokerage, if any, including, to the extent applicable, allocations to brokers affiliated with the Advisers and the use of “soft” commission dollars to pay for research and other similar services, (iv) the Advisers’ policies and procedures relating to, among other things, compliance, trading and best execution, proxy voting, liquidity and valuation, (v) information about amounts invested by the Funds’ portfolio managers in the Funds or in similar accounts that they manage and (vi) the general economic outlook with particular emphasis on the mutual fund industry. Throughout the process, the Trustees are afforded the opportunity to ask questions of and request additional materials from the Advisers.

In addition to the materials requested by the Trustees in connection with their annual consideration of the continuation of the Agreements, the Trustees receive materials in advance of each regular quarterly meeting of the Board that provide detailed information about the Funds’ investment performance and the fees charged to the Funds for advisory and other services. This information generally includes, where available, among other things, an internal performance rating for each Fund based on agreed-upon criteria, graphs showing each Fund’s performance and expense differentials against each Fund’s peer group/category of funds, total return information for various periods, third-party performance rankings for various periods comparing a Fund against similarly categorized funds, and performance ratings provided by a different third-party rating organization. The portfolio management team for each Fund or other representatives of the Advisers make periodic presentations to the Contract Review Committee and/or the full Board, and Funds identified as presenting possible performance concerns may be subject to more frequent Board or Committee presentations and reviews. In addition, the Trustees are periodically provided with detailed statistical information about each Fund’s portfolio. The Trustees also receive periodic updates between meetings, both at the Board and at the Committee level.

The Board most recently approved the continuation of the Agreements for a one-year period at its meeting held in June 2022. In considering whether to approve the continuation of the Agreements, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreements included, but were not limited to, the factors listed below.

The nature, extent and quality of the services provided to the Funds under the Agreements. The Trustees considered the nature, extent and quality of the services provided by the Advisers and their affiliates to the Funds and the resources dedicated to the Funds by the Advisers and their affiliates. The Trustees also considered their experience with other funds advised or sub-advised by the Advisers, as well as the affiliation between the Advisers and Natixis Investment Managers, LLC, whose affiliates provide investment advisory services to other funds in the Natixis family of funds.

The Trustees considered not only the advisory services provided by the Advisers to the Funds, but also the benefits to the Funds from the monitoring and oversight services provided by Natixis Advisors, LLC (“Natixis Advisors”). They also considered the

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administrative and shareholder services provided by Natixis Advisors and its affiliates to the Funds. They also took into consideration increases in the services provided resulting from new regulatory requirements, such as new rules relating to the fair valuation of investments and the use of derivatives.

For each Fund, the Trustees also considered the benefits to shareholders of investing in a mutual fund that is part of a family of funds that offers shareholders the right to exchange shares of one type of fund for shares of another type of fund, and provides a variety of fund and shareholder services.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the nature, extent and quality of services provided supported the renewal of the Agreements.

Investment performance of the Funds and the Advisers. As noted above, the Trustees received information about the performance of the Funds over various time periods, including information that compared the performance of the Funds to the performance of peer groups and categories of funds and the Funds’ respective performance benchmarks. The Trustees also received information about how comparative peer groups are constructed. In addition, the Trustees reviewed data prepared by an independent third party that analyzed the performance of the Funds using a variety of performance metrics, including metrics that measured the performance of the Funds on a risk adjusted basis.

The Board noted that, through December 31, 2021, each Fund’s one-, three- and five-year performance, stated as percentile rankings within categories selected by the independent third-party data provider, was as follows (where the best performance would be in the first percentile of its category):

	One-Year			Three-Year			Five-Year
Loomis Sayles Core Plus Bond Fund		89	%		48	%		38	%
Loomis Sayles Credit Income Fund		24	%		N/A			N/A
Loomis Sayles Global Allocation Fund		34	%		3	%		2	%
Loomis Sayles Growth Fund		68	%		78	%		70	%
Loomis Sayles Intermediate Duration Bond Fund		53	%		74	%		84	%
Loomis Sayles Limited Term Government and Agency Fund		48	%		53	%		44	%

In the case of a Fund that had performance that lagged that of a relevant category median as determined by the independent third party for certain (although not necessarily all) periods, the Board concluded that other factors relevant to performance supported renewal of the Agreements. These factors included one or more of the following: (1) that the underperformance was attributable, to a significant extent, to investment decisions (such as security selection or sector allocation) by the Advisers that were reasonable and consistent with the Fund’s investment objective and policies; (2) that the Fund’s more recent relative performance (i.e., for periods ending March 31, 2022) had improved; (3) that the Fund had outperformed its relevant performance benchmark for the one-year period ended December 31, 2021; and (4) that effective August 31, 2021, the Fund had been assigned to a different category by the independent third-party data provider, which has resulted in significantly improved relative performance and is expected to result in more relevant performance comparisons. The Board also considered information about the Funds’ more recent performance, including how that performance had been impacted by the Covid-19 crisis.

The Trustees also considered the Advisers’ performance and reputation generally, the performance of the fund family generally, and the historical responsiveness of the Advisers to Trustee concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the performance of the Funds and the Advisers and/or other relevant factors supported the renewal of the Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their respective relationships with the Funds. The Trustees considered the fees charged to the Funds for advisory and administrative services as well as the total expense levels of the Funds. This information included comparisons (provided both by management and by an independent third party) of the Funds’ advisory fees and total expense levels to those of their peer groups and information about the advisory fees charged by the Advisers to comparable accounts (such as institutional separate accounts), as well as information about differences in such fees and the reasons for any such differences. In considering the fees charged to comparable accounts, the Trustees considered, among other things, management’s representations about the differences between managing mutual funds as compared to other types of accounts, including the additional resources required to effectively manage mutual fund assets, the greater regulatory costs associated with the management of such assets, and the entrepreneurial, regulatory and other risks associated with sponsoring and managing mutual funds. In evaluating each Fund’s advisory fee, the Trustees also took into account the demands, complexity and quality of the investment management of such Fund, as well as the need for the Advisers to offer competitive compensation and the potential need

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to expend additional resources to the extent the Fund grows in size. The Trustees considered that over the past several years, management had demonstrated its intention to have competitive fee levels by making recommendations regarding reductions in advisory fee rates, implementation of advisory fee breakpoints and the institution of advisory fee waivers and expense limitations for various funds in the fund family. They noted that the Funds have expense limitations in place, and they considered the amounts waived or reimbursed by the Advisers for Loomis Sayles Credit Income Fund, Loomis Sayles Intermediate Duration Bond Fund, and Loomis Sayles Limited Term Government and Agency Fund under their respective expense limitation agreements. The Trustees also considered that the current expenses for Loomis Sayles Core Plus Bond Fund, Loomis Sayles Global Allocation Fund, and Loomis Sayles Growth Fund were below each Fund’s limitation. The Trustees also noted that the total advisory fee rate for each Fund was at or below the median of its peer group of funds.

The Trustees also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the Funds. The Trustees reviewed information provided by management as to the profitability of the Advisers’ and their affiliates’ relationships with the Funds, and information about how expenses are determined and allocated for purposes of profitability calculations. They also reviewed information provided by management about the effect of distribution costs and changes in asset levels on Adviser profitability, including information regarding resources spent on distribution activities. When reviewing profitability, the Trustees also considered information about court cases in which adviser compensation or profitability were issues, the performance of the Funds, the expense levels of the Funds, whether the Advisers had implemented breakpoints and/or expense limitations with respect to such Funds and the overall profit margin of Natixis Investment Managers, LLC compared to that of certain other investment managers for which such data was available.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the advisory fee charged to each of the Funds was fair and reasonable, and that the costs of these services generally and the related profitability of the Advisers and their affiliates in respect of their relationships with the Funds supported the renewal of the Agreements.

Economies of Scale. The Trustees considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies are shared with the Funds through breakpoints in their investment advisory fees or other means, such as expense limitations. The Trustees also considered management’s explanation of the factors that are taken into account with respect to the implementation of breakpoints in investment advisory fees or expense limitations. With respect to economies of scale, the Trustees noted that each of Loomis Sayles Core Plus Bond Fund, Loomis Sayles Global Allocation Fund and Loomis Sayles Limited Term Government and Agency Fund had breakpoints in its advisory fee and that each of the Funds was subject to an expense limitation. In considering these issues, the Trustees also took note of the costs of the services provided (both on an absolute and on a relative basis) and the profitability to the Advisers and their affiliates of their relationships with the Funds, as discussed above. The Trustees also considered that the Funds have benefitted from the substantial reinvestment each Adviser has made into its business.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreements, that the extent to which economies of scale were shared with the Funds supported the renewal of the Agreements.

The Trustees also considered other factors, which included but were not limited to the following:

• The effect of recent market and economic events, including but not limited to the Covid-19 crisis and its significant disruptions to the economy and business operations, as well as more recent market volatility, on the performance, asset levels and expense ratios of each Fund.

• Whether each Fund has operated in accordance with its investment objective and the Fund’s record of compliance with its investment restrictions, and the compliance programs of the Funds and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates were providing to the Funds.

• So-called “fallout benefits” to the Advisers, such as the engagement of affiliates of the Advisers to provide distribution and administrative services to the Funds, and the benefits of research made available to the Advisers by reason of brokerage commissions (if any) generated by the Funds’ securities transactions. The Trustees also considered the benefits to the parent company of Natixis Advisors from the retention of the Advisers. The Trustees considered the possible conflicts of interest associated with these fallout and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor such possible conflicts of interest.

• The Trustees’ review and discussion of the Funds’ advisory arrangements in prior years, and management’s record of responding to Trustee concerns raised during the year and in prior years.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that the existing Agreements should be continued through June 30, 2023.

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LIQUIDITY RISK MANAGEMENT PROGRAM

Annual Report for the Period Commencing on January 1, 2021 and ending December 31, 2021 (including updates through September 30, 2022)

Effective December 1, 2018 (September 29, 2020 for Loomis Sayles Credit Income Fund), the Funds adopted a liquidity risk management program (the “Program”) pursuant to the requirements of Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Rule”). The Rule requires registered open-end funds, including mutual funds and exchange-traded funds, to establish liquidity risk management programs in order to effectively manage fund liquidity and mitigate the risk that a fund could not meet redemption requests without significantly diluting the interests of remaining investors.

The rule requires the Funds to assess, manage and review their liquidity risk considering applicable factors during normal and foreseeable stressed conditions. In fulfilling this requirement, each Fund assesses and reviews (where applicable and amongst other matters) its investment strategy, portfolio holdings, possible investment concentrations, use of derivatives, short-term and long-term cash flow projections, use of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Each Program has established a Program Administrator, which is the adviser of the Funds.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

Each Fund is prohibited from acquiring an investment if, after the acquisition, its holdings of illiquid assets will exceed 15% of its net assets. If a Fund does not hold a majority of highly liquid investments in its portfolio, then the Fund is required to establish a highly liquid investment minimum (“HLIM”). Loomis Sayles Core Plus Bond Fund, Loomis Sayles Credit Income Fund and Loomis Sayles Intermediate Duration Bond Fund have established an HLIM.

During the period from January 1, 2021 to December 31, 2021, there were no material changes to the Program and no material events that impacted the operation of the Funds’ Programs. During the period, the Funds held sufficient liquid assets to meet redemptions on a timely basis and did not have any HLIM or illiquid security violations.

During the period January 1, 2022 through September 30, 2022, the Funds held sufficient liquid assets to meet redemptions on a timely basis and did not have any HLIM or illiquid security violations.

Annual Program Assessment and Conclusion

In the opinion of the Program Administrators, the Program of each Fund approved by the Funds’ Board is operating effectively. The Program Administrators have also monitored, assessed and managed each Fund’s liquidity risk regularly throughout the period.

Pursuant to the Rule’s requirements, the Board has received and reviewed a written report prepared by each Fund’s Program Administrator that addressed the operation of the Programs, assessed their adequacy and effectiveness and described any material changes made to the Programs.

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Portfolio of Investments – as of September 30, 2022

Loomis Sayles Core Plus Bond Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 90.3% of Net Assets
	Non-Convertible Bonds — 90.2%
		ABS Car Loan — 1.3%
$	2,396,000	Avis Budget Rental Car Funding AESOP LLC, Series 2018-2A, Class A, 4.000%, 3/20/2025, 144A	$	2,354,044
	6,444,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class A, 3.350%, 9/22/2025, 144A		6,191,545
	7,064,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class A, 2.020%, 2/20/2027, 144A		6,295,779
	8,160,000	Avis Budget Rental Car Funding AESOP LLC, Series 2022-1A, Class A, 3.830%, 8/21/2028, 144A		7,721,318
	2,024,783	Exeter Automobile Receivables Trust, Series 2021-2A, Class B, 0.570%, 9/15/2025		2,007,344
	3,525,000	Exeter Automobile Receivables Trust, Series 2021-2A, Class C, 0.980%, 6/15/2026		3,395,364
	8,181,000	Santander Drive Auto Receivables Trust, Series 2021-1, Class C, 0.750%, 2/17/2026		8,048,086
	8,315,000	Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.900%, 6/15/2026		8,101,392
	9,095,000	Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.950%, 9/15/2027		8,785,526
	19,695,000	Santander Drive Auto Receivables Trust, Series 2022-2, Class B, 3.440%, 9/15/2027		19,213,201
	6,865,000	Westlake Automobile Receivables Trust, Series 2022-2 2A, Class C, 4.850%, 9/15/2027, 144A		6,712,851
				78,826,450
		ABS Home Equity — 0.4%
	2,397,234	Bayview Opportunity Master Fund IVa Trust, Series 2017-RT5, Class A, 3.500%, 5/28/2069, 144A(a)		2,316,883
	2,886,922	CoreVest American Finance Trust, Series 2019-3, Class A, 2.705%, 10/15/2052, 144A		2,722,345
	12,465	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035(a)		12,345
	1,117,115	Onslow Bay Financial LLC, Series 2018-EXP1, Class 1A3, 4.000%, 4/25/2048, 144A(a)		1,027,540
	123,837	Sequoia Mortgage Trust, Series 2017-CH1, Class A1, 4.000%, 8/25/2047, 144A(a)		117,643
	514,562	Sequoia Mortgage Trust, Series 2018-CH1, Class A1, 4.000%, 3/25/2048, 144A(a)		479,624
	368,208	Sequoia Mortgage Trust, Series 2018-CH3, Class A2, 4.000%, 8/25/2048, 144A(a)		362,129
	1,298,545	Towd Point Mortgage Trust, Series 2015-1, Class A5, 3.407%, 10/25/2053, 144A(a)		1,252,635
	4,254,377	Towd Point Mortgage Trust, Series 2015-4, Class M2, 3.750%, 4/25/2055, 144A(a)		4,191,392
	5,101,352	Towd Point Mortgage Trust, Series 2016-2, Class M2, 3.000%, 8/25/2055, 144A(a)		4,670,505
	4,984,640	Towd Point Mortgage Trust, Series 2018-3, Class A1, 3.750%, 5/25/2058, 144A(a)		4,781,731
				21,934,772
		ABS Other — 1.6%
	9,814,868	CLI Funding VIII LLC, Series 2021-1A, Class A, 1.640%, 2/18/2046, 144A		8,402,470
	14,689,000	DB Master Finance LLC, Series 2021-1A, Class A2II, 2.493%, 11/20/2051, 144A		12,014,060
		ABS Other — continued
	7,493,025	Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2, 0.560%, 12/11/2034, 144A		7,237,001
	8,157,600	Jack in the Box Funding LLC, Series 2022-1A, Class A2I, 3.445%, 2/26/2052, 144A		7,066,390
	13,726,350	Jack in the Box Funding LLC, Series 2022-1A, Class A2II, 4.136%, 2/26/2052, 144A		11,134,239
	6,910,455	Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class A, 2.636%, 10/15/2046, 144A		6,060,745
	9,561,890	Navigator Aircraft ABS Ltd., Series 2021-1, Class A, 2.771%, 11/15/2046, 144A(a)		8,125,496
	4,971,368	OneMain Financial Issuance Trust, Series 2020-1A, Class A, 3.840%, 5/14/2032, 144A		4,943,190
	13,500,000	OneMain Financial Issuance Trust, Series 2021-1A, Class A2, 30-day Average SOFR + 0.760%, 3.045%, 6/16/2036, 144A(b)		12,536,842
	19,919,800	Textainer Marine Containers Ltd., Series 2021-3A, Class A, 1.940%, 8/20/2046, 144A		16,493,913
	3,409,172	Textainer Marine Containers VIII Ltd., Series 2020-2A, Class A, 2.100%, 9/20/2045, 144A		3,025,828
				97,040,174
		ABS Student Loan — 0.3%
	4,231,255	Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.310%, 1/15/2069, 144A		3,843,530
	9,938,699	Navient Private Education Refi Loan Trust, Series 2021-CA, Class A, 1.060%, 10/15/2069, 144A		8,509,981
	3,968,022	SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.070%, 1/15/2053, 144A		3,378,020
	2,766,830	SoFi Professional Loan Program Trust, Series 2020-A, Class A2FX, 2.540%, 5/15/2046, 144A		2,579,699
				18,311,230
		ABS Whole Business — 0.3%
	5,450,013	Domino’s Pizza Master Issuer LLC, Series 2021-1A, Class A2I, 2.662%, 4/25/2051, 144A		4,487,998
	4,761,075	Planet Fitness Master Issuer LLC, Series 2022-1A, Class A2I, 3.251%, 12/05/2051, 144A		4,171,421
	12,049,450	Planet Fitness Master Issuer LLC, Series 2022-1A, Class A2II, 4.008%, 12/05/2051, 144A		9,718,628
				18,378,047
		Aerospace & Defense — 1.0%
	18,336,000	Boeing Co. (The), 1.433%, 2/04/2024		17,418,417
	13,774,000	Boeing Co. (The), 5.705%, 5/01/2040		12,031,074
	17,264,000	Boeing Co. (The), 5.805%, 5/01/2050		15,002,275
	12,659,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025		12,041,874
	1,329,000	Textron, Inc., 3.000%, 6/01/2030		1,094,264
				57,587,904
		Agency Commercial Mortgage-Backed Securities — 0.5%
	1,598,000	FHLMC, 3.100%, 6/01/2037		1,330,351
	2,103,000	FHLMC, 3.100%, 6/01/2037		1,750,768

See accompanying notes to financial statements.

35  |

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Agency Commercial Mortgage-Backed Securities — continued
$	1,725,000	FHLMC, 3.100%, 6/01/2037	$	1,436,080
	3,681,713	FHLMC, 3.450%, 5/01/2037		3,272,033
	1,267,907	FHLMC, 3.700%, 5/01/2037		1,154,095
	8,725,905	FHLMC, 3.750%, 5/01/2037		7,850,616
	7,013,000	FNMA, 3.850%, 9/01/2037		6,366,305
	6,645,429	FNMA, 4.240%, 7/01/2038		6,250,286
				29,410,534
		Airlines — 0.7%
	5,874,112	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.500%, 4/20/2026, 144A		5,516,790
	5,620,467	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.750%, 4/20/2029, 144A		4,903,857
	1,549,026	Continental Airlines Pass Through Trust, Series 2012-2, Class A, 4.000%, 4/29/2026		1,453,219
	14,151,433	Delta Air Lines, Inc./SkyMiles IP Ltd., 4.750%, 10/20/2028, 144A		13,180,017
	9,537,000	Southwest Airlines Co., 5.125%, 6/15/2027		9,336,873
	3,913,136	United Airlines Pass Through Trust, Series 2020-1, Class B, 4.875%, 7/15/2027		3,601,181
	2,266,000	United Airlines, Inc., 4.375%, 4/15/2026, 144A		2,022,405
	2,333,000	United Airlines, Inc., 4.625%, 4/15/2029, 144A		1,930,418
				41,944,760
		Automotive — 1.3%
	2,945,000	Dana, Inc., 4.250%, 9/01/2030		2,157,069
	16,142,000	General Motors Co., 5.000%, 4/01/2035		13,242,084
	6,067,000	General Motors Financial Co., Inc., 2.900%, 2/26/2025		5,668,444
	10,719,000	Goodyear Tire & Rubber Co. (The), 5.625%, 4/30/2033		8,588,599
	5,091,000	Hyundai Capital America, 2.375%, 10/15/2027, 144A		4,250,091
	10,356,000	Hyundai Capital America, 2.650%, 2/10/2025, 144A		9,650,075
	7,453,000	Hyundai Capital America, 3.000%, 2/10/2027, 144A		6,618,502
	13,381,000	Lear Corp., 5.250%, 5/15/2049		10,597,130
	7,676,000	Nissan Motor Co. Ltd., 3.043%, 9/15/2023, 144A		7,462,300
	6,096,000	Volkswagen Group of America Finance LLC, 3.200%, 9/26/2026, 144A		5,587,632
				73,821,926
		Banking — 7.9%
	22,501,000	Ally Financial, Inc., 3.050%, 6/05/2023		22,263,433
	10,051,000	Banco Santander Chile, 2.700%, 1/10/2025, 144A		9,384,920
	12,000,000	Banco Santander S.A., 1.849%, 3/25/2026		10,361,753
	3,200,000	Banco Santander S.A., 2.958%, 3/25/2031		2,426,571
	28,476,000	Bangkok Bank PCL, 4.050%, 3/19/2024, 144A		28,124,892
	26,146,000	Bank of America Corp., (fixed rate to 4/22/2024, variable rate thereafter), 0.976%, 4/22/2025		24,301,948
	25,210,000	Bank of America Corp., (fixed rate to 4/23/2026, variable rate thereafter), MTN, 3.559%, 4/23/2027		23,273,248
	15,740,000	Bank of America Corp., (fixed rate to 7/22/2032, variable rate thereafter), 5.015%, 7/22/2033		14,601,250
	19,564,000	Barclays PLC, (fixed rate to 3/10/2041, variable rate thereafter), 3.811%, 3/10/2042		12,207,825
	7,864,000	BBVA Bancomer S.A., 1.875%, 9/18/2025, 144A		7,044,110
	14,513,000	BNP Paribas S.A., (fixed rate to 1/13/2026, variable rate thereafter), 1.323%, 1/13/2027, 144A		12,369,048
		Banking — continued
	26,613,000	BNP Paribas S.A., (fixed rate to 11/19/2024, variable rate thereafter), 2.819%, 11/19/2025, 144A		24,804,145
	5,935,000	Citigroup, Inc., 4.000%, 8/05/2024		5,804,317
	1,154,000	Citigroup, Inc., (fixed rate to 5/01/2024, variable rate thereafter), 0.981%, 5/01/2025		1,069,229
	9,780,000	Deutsche Bank AG, 0.898%, 5/28/2024		9,033,164
	10,038,000	Deutsche Bank AG, 1.686%, 3/19/2026		8,735,997
	9,585,000	Deutsche Bank AG, (fixed rate to 10/07/2031, variable rate thereafter), 3.742%, 1/07/2033		6,213,225
	6,737,000	Deutsche Bank AG, (fixed rate to 10/14/2030, variable rate thereafter), 3.729%, 1/14/2032		4,537,015
	9,985,000	Deutsche Bank AG, (fixed rate to 11/24/2025, variable rate thereafter), 2.129%, 11/24/2026		8,478,071
	6,768,000	Goldman Sachs Group, Inc. (The), 3.625%, 1/22/2023		6,754,321
	12,486,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		12,444,590
	1,326,000	HSBC Holdings PLC, 4.950%, 3/31/2030		1,218,323
	13,610,000	HSBC Holdings PLC, (fixed rate to 5/24/2024, variable rate thereafter), 0.976%, 5/24/2025		12,504,217
	4,740,000	Intesa Sanpaolo SpA, (fixed rate to 6/01/2031, variable rate thereafter), 4.198%, 6/01/2032, 144A		3,205,235
	23,355,000	JPMorgan Chase & Co., (fixed rate to 10/15/2029, variable rate thereafter), 2.739%, 10/15/2030		18,989,716
	11,576,000	JPMorgan Chase & Co., (fixed rate to 5/13/2030, variable rate thereafter), 2.956%, 5/13/2031		9,169,304
	8,120,000	JPMorgan Chase & Co., (fixed rate to 7/25/2032, variable rate thereafter), 4.912%, 7/25/2033		7,487,903
	13,895,000	Macquarie Bank Ltd., 3.231%, 3/21/2025, 144A		13,246,446
	16,028,000	Morgan Stanley, (fixed rate to 4/05/2023, variable rate thereafter), 0.731%, 4/05/2024		15,641,092
	4,500,000	Morgan Stanley, (fixed rate to 7/20/2032, variable rate thereafter), 4.889%, 7/20/2033		4,169,532
	7,931,000	Morgan Stanley, (fixed rate to 7/22/2027, variable rate thereafter), 3.591%, 7/22/2028		7,134,648
	8,220,000	Santander Holdings USA, Inc., (fixed rate to 1/06/2027, variable rate thereafter), 2.490%, 1/06/2028		6,854,826
	9,050,000	Santander UK Group Holdings PLC, 5.625%, 9/15/2045, 144A		7,145,457
	24,503,000	Societe Generale S.A., 2.625%, 1/22/2025, 144A		22,674,508
	19,840,000	Standard Chartered PLC, (fixed rate to 1/12/2032, variable rate thereafter), 3.603%, 1/12/2033, 144A		14,820,877
	23,346,000	Standard Chartered PLC, (fixed rate to 1/30/2025, variable rate thereafter), 2.819%, 1/30/2026, 144A		21,463,435
	11,566,000	Sumitomo Mitsui Financial Group, Inc., 1.474%, 7/08/2025		10,405,451
	14,720,000	Sumitomo Mitsui Financial Group, Inc., 2.696%, 7/16/2024		14,066,333
	9,213,000	Sumitomo Mitsui Financial Group, Inc., 3.040%, 7/16/2029		7,735,152
	14,630,000	UniCredit SpA, (fixed rate to 6/03/2026, variable rate thereafter), 1.982%, 6/03/2027, 144A		11,939,847
				464,105,374

See accompanying notes to financial statements.

|  36

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Building Materials — 0.5%
$	14,390,000	American Builders & Contractors Supply Co., Inc., 3.875%, 11/15/2029, 144A	$	11,303,057
	9,762,000	Cemex SAB de CV, 3.875%, 7/11/2031, 144A		7,692,246
	12,838,000	Mohawk Industries, Inc., 3.625%, 5/15/2030		10,693,669
	17,000	Summit Materials LLC/Summit Materials Finance Corp., 5.250%, 1/15/2029, 144A		14,960
				29,703,932
		Cable Satellite — 0.7%
	14,940,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 1/15/2034, 144A		10,693,753
	20,290,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 5.500%, 4/01/2063		15,329,257
	2,885,000	Time Warner Cable LLC, 4.500%, 9/15/2042		1,991,822
	783,000	Time Warner Cable LLC, 5.500%, 9/01/2041		614,588
	2,245,000	Time Warner Cable LLC, 5.875%, 11/15/2040		1,848,115
	7,162,000	Time Warner Cable LLC, 6.550%, 5/01/2037		6,462,203
	1,707,000	Time Warner Cable LLC, 6.750%, 6/15/2039		1,525,880
				38,465,618
		Chemicals — 1.4%
	1,610,000	Alpek SAB de CV, 3.250%, 2/25/2031, 144A		1,190,097
	8,370,000	Ashland LLC, 3.375%, 9/01/2031, 144A		6,469,299
	20,853,000	Braskem America Finance Co., 7.125%, 7/22/2041, 144A		18,219,601
	6,925,000	Celanese U.S. Holdings LLC, 6.050%, 3/15/2025		6,764,660
	2,795,000	Celanese U.S. Holdings LLC, 6.330%, 7/15/2029		2,605,010
	6,020,000	Celanese U.S. Holdings LLC, 6.379%, 7/15/2032		5,594,205
	6,317,000	Koppers, Inc., 6.000%, 2/15/2025, 144A		5,653,715
	9,071,000	Orbia Advance Corp. SAB de CV, 5.875%, 9/17/2044, 144A		7,054,517
	9,466,000	Orbia Advance Corp. SAB de CV, 6.750%, 9/19/2042, 144A		8,435,359
	3,732,000	RPM International, Inc., 3.450%, 11/15/2022		3,727,158
	3,630,000	Sociedad Quimica y Minera de Chile S.A., 3.500%, 9/10/2051, 144A		2,418,161
	11,424,000	Sociedad Quimica y Minera de Chile S.A., 4.250%, 1/22/2050, 144A		9,036,384
	3,309,000	Univar Solutions USA, Inc., 5.125%, 12/01/2027, 144A		2,945,010
				80,113,176
		Collateralized Mortgage Obligations — 0.1%
	228,190	Government National Mortgage Association, Series 2010-H24, Class FA, 1-month LIBOR + 0.350%, 2.707%, 10/20/2060(b)		225,871
	162,225	Government National Mortgage Association, Series 2012-H18, Class NA, 1-month LIBOR + 0.520%, 2.877%, 8/20/2062(b)		161,314
	3,505	Government National Mortgage Association, Series 2013-H01, Class FA, 1.650%, 1/20/2063(c)		3,299
	12,519	Government National Mortgage Association, Series 2013-H03, Class HA, 1.750%, 12/20/2062(c)		10,941
	24,383	Government National Mortgage Association, Series 2013-H04, Class BA, 1.650%, 2/20/2063(c)		22,882
	83,626	Government National Mortgage Association, Series 2013-H10, Class PA, 2.500%, 4/20/2063(c)		75,003
	7,258,551	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065		7,017,636
		Collateralized Mortgage Obligations — continued
	10,987	Government National Mortgage Association, Series 2015-H13, Class FL, 1-month LIBOR + 0.280%, 2.637%, 5/20/2063(b)(c)		10,734
				7,527,680
		Construction Machinery — 0.1%
	5,805,000	CNH Industrial Capital LLC, 1.950%, 7/02/2023		5,681,760
		Consumer Cyclical Services — 0.0%
	1,791,000	Expedia Group, Inc., 6.250%, 5/01/2025, 144A		1,802,686
		Consumer Products — 0.3%
	2,157,000	Kimberly-Clark de Mexico SAB de CV, 2.431%, 7/01/2031, 144A		1,723,098
	6,250,000	Natura &Co Luxembourg Holdings S.a.r.l., 6.000%, 4/19/2029, 144A		5,150,812
	11,615,000	Natura Cosmeticos S.A., 4.125%, 5/03/2028, 144A		9,175,850
	5,155,000	Valvoline, Inc., 3.625%, 6/15/2031, 144A		3,796,602
				19,846,362
		Electric — 1.9%
	3,587,000	AES Corp. (The), 3.300%, 7/15/2025, 144A		3,307,680
	1,609,000	AES Corp. (The), 3.950%, 7/15/2030, 144A		1,377,787
	4,863,000	Calpine Corp., 3.750%, 3/01/2031, 144A		3,805,297
	12,404,000	Calpine Corp., 5.000%, 2/01/2031, 144A		9,855,687
	12,220,000	CenterPoint Energy, Inc., SOFR Index + 0.650%, 3.303%, 5/13/2024(b)		12,050,436
	12,579,000	Clearway Energy Operating LLC, 3.750%, 2/15/2031, 144A		9,991,217
	24,347,544	Cometa Energia S.A. de CV, 6.375%, 4/24/2035, 144A		21,960,069
	2,415,000	DPL, Inc., 4.350%, 4/15/2029		2,016,525
	852,000	Edison International, 4.950%, 4/15/2025		834,718
	2,811,000	Enel Americas S.A., 4.000%, 10/25/2026		2,652,179
	2,853,000	Enel Generacion Chile S.A., 4.250%, 4/15/2024		2,760,278
	5,316,000	Entergy Corp., 2.800%, 6/15/2030		4,306,064
	14,622,000	National Rural Utilities Cooperative Finance Corp., (fixed rate to 4/30/2023, variable rate thereafter), 4.750%, 4/30/2043		13,303,954
	3,800,000	NRG Energy, Inc., 3.875%, 2/15/2032, 144A		2,964,171
	5,584,000	Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.500%, 8/15/2028, 144A		4,841,049
	3,499,000	PG&E Corp., 5.000%, 7/01/2028		3,008,987
	7,133,000	Transelec S.A., 4.250%, 1/14/2025, 144A		6,919,010
	3,713,000	Transelec S.A., 4.625%, 7/26/2023, 144A		3,661,946
				109,617,054
		Finance Companies — 2.3%
	6,365,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.000%, 10/29/2028		5,104,511
	1,370,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.300%, 1/23/2023		1,362,328
	16,050,000	Air Lease Corp., GMTN, 3.750%, 6/01/2026		14,671,449
	21,287,000	Aircastle Ltd., 2.850%, 1/26/2028, 144A		16,525,326
	23,047,000	Ares Capital Corp., 2.150%, 7/15/2026		19,315,070
	15,425,000	Avolon Holdings Funding Ltd., 2.750%, 2/21/2028, 144A		12,112,550
	17,929,000	FS KKR Capital Corp., 3.400%, 1/15/2026		15,819,336
	6,000,000	Navient Corp., 5.000%, 3/15/2027		4,907,471
	7,547,000	Navient Corp., MTN, 6.125%, 3/25/2024		7,348,891
	2,850,000	OneMain Finance Corp., 3.500%, 1/15/2027		2,220,072
	9,915,000	OneMain Finance Corp., 3.875%, 9/15/2028		7,300,018
	4,537,000	Owl Rock Capital Corp., 2.625%, 1/15/2027		3,665,830
	14,397,000	Owl Rock Capital Corp., 3.400%, 7/15/2026		12,352,650

See accompanying notes to financial statements.

37  |

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Finance Companies — continued
$	11,958,000	Owl Rock Technology Finance Corp., 3.750%, 6/17/2026, 144A	$	10,346,404
	6,769,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		4,906,536
	1,155,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A		794,078
				138,752,520
		Financial Other — 0.1%
	4,763,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029		3,833,643
		Food & Beverage — 1.0%
	5,573,000	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.900%, 2/01/2046		4,843,383
	12,823,000	Anheuser-Busch InBev Worldwide, Inc., 4.350%, 6/01/2040		10,860,449
	6,243,000	Anheuser-Busch InBev Worldwide, Inc., 4.600%, 6/01/2060		4,921,490
	15,008,000	BRF S.A., 5.750%, 9/21/2050, 144A		10,350,117
	3,117,000	Gruma SAB de CV, 4.875%, 12/01/2024, 144A		3,065,601
	10,765,000	Minerva Luxembourg S.A., 4.375%, 3/18/2031, 144A		8,154,487
	9,784,000	Post Holdings, Inc., 4.500%, 9/15/2031, 144A		7,876,120
	12,674,000	Post Holdings, Inc., 4.625%, 4/15/2030, 144A		10,408,522
	1,599,000	Smithfield Foods, Inc., 3.000%, 10/15/2030, 144A		1,234,653
				61,714,822
		Government Owned – No Guarantee — 2.1%
	6,872,000	Antares Holdings LP, 3.950%, 7/15/2026, 144A		5,875,584
	17,141,000	BOC Aviation USA Corp., 1.625%, 4/29/2024, 144A		16,183,352
	3,903,000	Empresa de los Ferrocarriles del Estado, 3.068%, 8/18/2050, 144A		2,191,262
	8,165,000	Freeport Indonesia PT, 5.315%, 4/14/2032, 144A		6,735,227
	18,956,000	NBN Co. Ltd., 1.450%, 5/05/2026, 144A		16,539,254
	6,985,000	OCP S.A., 3.750%, 6/23/2031, 144A		5,290,551
	19,460,000	OCP S.A., 5.625%, 4/25/2024, 144A		19,335,106
	6,236,000	Ooredoo International Finance Ltd., 3.250%, 2/21/2023, 144A		6,191,662
	8,035,000	SA Global Sukuk Ltd., 0.946%, 6/17/2024, 144A		7,494,245
	10,588,000	Saudi Arabian Oil Co., 3.500%, 11/24/2070, 144A		6,829,260
	11,825,000	Tennessee Valley Authority, 4.250%, 9/15/2065		10,546,044
	7,669,000	Tennessee Valley Authority, 4.625%, 9/15/2060		7,498,883
	5,427,000	Tennessee Valley Authority, 4.875%, 1/15/2048		5,395,729
	9,290,000	Tennessee Valley Authority, 5.250%, 9/15/2039		9,884,463
				125,990,622
		Health Insurance — 0.2%
	1,886,000	Centene Corp., 2.500%, 3/01/2031		1,421,632
	2,495,000	Centene Corp., 2.625%, 8/01/2031		1,880,415
	7,364,000	Centene Corp., 3.375%, 2/15/2030		6,020,070
				9,322,117
		Healthcare — 0.2%
	11,660,000	HCA, Inc., 4.625%, 3/15/2052, 144A		8,757,859
		Home Construction — 0.2%
	4,091,000	Forestar Group, Inc., 3.850%, 5/15/2026, 144A		3,364,893
	246,000	Lennar Corp., 4.500%, 4/30/2024		241,428
	9,190,000	NVR, Inc., 3.000%, 5/15/2030		7,502,900
				11,109,221
		Independent Energy — 0.7%
	2,626,000	Aker BP ASA, 3.000%, 1/15/2025, 144A		2,459,787
	8,277,000	Devon Energy Corp., 4.500%, 1/15/2030		7,533,811
	11,391,292	Energean Israel Finance Ltd., 4.500%, 3/30/2024, 144A		10,679,336
	1,765,000	EQT Corp., 3.125%, 5/15/2026, 144A		1,607,405
	4,696,000	EQT Corp., 3.900%, 10/01/2027		4,273,347
	601,000	EQT Corp., 5.000%, 1/15/2029		560,755
	9,078,204	Leviathan Bond Ltd., 6.125%, 6/30/2025, 144A		8,562,108
	7,181,000	Pan American Energy LLC, 9.125%, 4/30/2027, 144A		7,904,414
				43,580,963
		Industrial Other — 0.1%
	3,408,000	Georgetown University (The), Class A, 5.215%, 10/01/2118		2,879,249
		Life Insurance — 0.2%
	12,491,000	Brighthouse Financial, Inc., 5.625%, 5/15/2030		11,708,216
	2,327,000	OneAmerica Financial Partners, Inc., 4.250%, 10/15/2050, 144A		1,689,495
				13,397,711
		Lodging — 0.1%
	5,147,000	Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032, 144A		3,942,081
		Media Entertainment — 1.0%
	9,549,000	AMC Networks, Inc., 4.250%, 2/15/2029		7,060,153
	54,020,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		1,644,620
	5,808,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 4.250%, 1/15/2029, 144A		4,562,184
	11,303,000	Prosus NV, 3.680%, 1/21/2030, 144A		8,468,899
	14,750,000	Prosus NV, 3.832%, 2/08/2051, 144A		8,185,100
	15,925,000	Warnermedia Holdings, Inc., 3.528%, 3/15/2024, 144A		15,370,014
	18,750,000	Warnermedia Holdings, Inc., 5.391%, 3/15/2062, 144A		13,591,500
				58,882,470
		Metals & Mining — 0.9%
	1,835,000	Anglo American Capital PLC, 2.250%, 3/17/2028, 144A		1,507,151
	2,245,000	Anglo American Capital PLC, 3.875%, 3/16/2029, 144A		1,929,161
	3,322,000	Anglo American Capital PLC, 3.950%, 9/10/2050, 144A		2,261,242
	7,696,000	Anglo American Capital PLC, 5.625%, 4/01/2030, 144A		7,281,153
	10,977,000	FMG Resources August 2006 Pty Ltd., 4.375%, 4/01/2031, 144A		8,426,582
	14,183,000	Fresnillo PLC, 4.250%, 10/02/2050, 144A		9,762,584
	24,397,000	Glencore Funding LLC, 2.500%, 9/01/2030, 144A		18,668,096
	3,555,000	SunCoke Energy, Inc., 4.875%, 6/30/2029, 144A		2,740,941
				52,576,910
		Midstream — 1.3%
	568,000	Energy Transfer LP, 5.150%, 2/01/2043		448,454
	125,000	Energy Transfer LP, 5.400%, 10/01/2047		101,209
	4,900,000	Energy Transfer LP, 5.950%, 10/01/2043		4,245,209
	8,548,000	Energy Transfer LP, 6.500%, 2/01/2042		7,954,947
	1,338,000	Energy Transfer LP, 6.625%, 10/15/2036		1,270,348
	2,445,000	EQM Midstream Partners LP, 6.500%, 7/01/2027, 144A		2,259,396

See accompanying notes to financial statements.

|  38

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Midstream — continued
$	2,014,000	Gray Oak Pipeline LLC, 2.600%, 10/15/2025, 144A	$	1,805,415
	982,000	Gray Oak Pipeline LLC, 3.450%, 10/15/2027, 144A		868,294
	3,060,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		3,018,308
	9,503,000	Kinder Morgan Energy Partners LP, 4.300%, 5/01/2024		9,372,135
	15,243,000	Kinder Morgan, Inc., 5.625%, 11/15/2023, 144A		15,248,649
	5,694,000	Rattler Midstream LP, 5.625%, 7/15/2025, 144A		5,765,175
	12,205,000	Sempra Global, 3.250%, 1/15/2032, 144A		9,714,361
	6,783,000	Southern Natural Gas Co. LLC, 0.625%, 4/28/2023, 144A		6,596,952
	930,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.500%, 7/15/2027		919,154
	10,936,000	Williams Cos., Inc. (The), 3.500%, 11/15/2030		9,284,489
				78,872,495
		Mortgage Related — 26.8%
	62,968,845	FHLMC, 1.500%, with various maturities from 2050 to 2051(d)		46,749,430
	177,619,453	FHLMC, 2.000%, with various maturities from 2050 to 2052(d)		144,054,117
	237,282,200	FHLMC, 2.500%, with various maturities from 2050 to 2052(d)		199,604,662
	56,860,573	FHLMC, 3.000%, with various maturities from 2042 to 2052(d)		49,827,711
	17,303,124	FHLMC, 3.500%, with various maturities from 2043 to 2052(d)		15,743,012
	25,220,962	FHLMC, 4.000%, with various maturities from 2044 to 2052(d)		23,463,877
	93,632,862	FHLMC, 4.500%, with various maturities from 2041 to 2052(d)		89,492,656
	15,149,380	FHLMC, 5.000%, with various maturities from 2048 to 2052(d)		14,973,000
	4,358	FHLMC, 6.000%, 6/01/2035		4,584
	44,693,605	FNMA, 1.500%, with various maturities from 2050 to 2051(d)		34,141,525
	394,203,005	FNMA, 2.000%, with various maturities from 2037 to 2052(d)		324,813,072
	164,162,130	FNMA, 2.500%, with various maturities from 2045 to 2052(d)		138,311,361
	67,682,958	FNMA, 3.000%, with various maturities from 2045 to 2052(d)		59,549,056
	116,916,224	FNMA, 3.500%, with various maturities from 2043 to 2052(d)		105,615,029
	126,382,584	FNMA, 4.000%, with various maturities from 2041 to 2052(d)		119,234,100
	32,888,345	FNMA, 4.500%, with various maturities from 2043 to 2052(d)		31,601,488
	123,581,921	FNMA, 5.000%, with various maturities from 2048 to 2052(d)		120,640,721
	3,328,224	FNMA, 5.500%, 4/01/2050		3,317,341
	2,135,505	FNMA, 6.000%, with various maturities from 2034 to 2049(d)		2,199,160
	5,272	FNMA, 6.500%, with various maturities from 2029 to 2031(d)		5,434
	17,562	FNMA, 7.000%, with various maturities in 2030(d)		17,708
	10,296	FNMA, 7.500%, with various maturities from 2024 to 2032(d)		10,620
	1,320	GNMA, 3.890%, 12/20/2062(a)		1,228
	6,514	GNMA, 3.980%, 7/20/2063(a)		6,340
		Mortgage Related — continued
	5,115	GNMA, 4.317%, 8/20/2061(a)		5,008
	19,397	GNMA, 4.390%, with various maturities in 2062(a)(d)		18,263
	5,394,383	GNMA, 4.392%, 12/20/2066(a)		5,305,869
	2,411,038	GNMA, 4.421%, 2/20/2066(a)		2,378,083
	2,202	GNMA, 4.422%, 5/20/2063(a)		2,149
	4,072,836	GNMA, 4.426%, 11/20/2066(a)		4,030,482
	1,521,956	GNMA, 4.438%, 10/20/2066(a)		1,499,239
	1,179,340	GNMA, 4.447%, 2/20/2066(a)		1,162,525
	1,445,350	GNMA, 4.450%, 6/20/2066(a)		1,428,437
	2,706,764	GNMA, 4.496%, 12/20/2064(a)		2,686,652
	3,638,953	GNMA, 4.497%, with various maturities from 2063 to 2066(a)(d)		3,606,801
	2,995,378	GNMA, 4.542%, 6/20/2066(a)		2,962,751
	2,506,957	GNMA, 4.547%, 2/20/2065(a)		2,488,921
	3,271,716	GNMA, 4.565%, 12/20/2064(a)		3,246,663
	2,032,636	GNMA, 4.569%, 6/20/2064(a)		2,022,188
	3,781,444	GNMA, 4.604%, 10/20/2064(a)		3,756,299
	360,792	GNMA, 4.611%, 1/20/2064(a)		359,646
	1,042,659	GNMA, 4.622%, 1/20/2065(a)		1,034,994
	1,444,123	GNMA, 4.624%, 4/20/2066(a)		1,433,483
	3,325,063	GNMA, 4.628%, 2/20/2065(a)		3,297,466
	1,431,824	GNMA, 4.632%, 3/20/2065(a)		1,421,389
	2,789,266	GNMA, 4.634%, 3/20/2066(a)		2,761,495
	1,703,760	GNMA, 4.657%, with various maturities from 2063 to 2064(a)(d)		1,698,436
	7,192,084	GNMA, 4.659%, with various maturities from 2064 to 2066(a)(d)		7,133,921
	2,833,564	GNMA, 4.665%, 1/20/2065(a)		2,816,184
	1,243,012	GNMA, 4.700%, with various maturities from 2062 to 2066(a)(d)		1,229,573
	2,640,876	GNMA, 4.714%, 1/20/2064(a)		2,632,550
	87,018	GNMA, 5.500%, 4/15/2038		91,514
	17,762	GNMA, 6.000%, with various maturities from 2029 to 2038(d)		18,468
	21,012	GNMA, 6.500%, with various maturities from 2029 to 2032(d)		21,712
	19,763	GNMA, 7.000%, 9/15/2025		19,837
	2,312	GNMA, 7.500%, with various maturities from 2025 to 2030(d)		2,341
				1,585,950,571
		Natural Gas — 0.0%
	2,701,000	Boston Gas Co., 3.001%, 8/01/2029, 144A		2,270,090
		Non-Agency Commercial Mortgage-Backed Securities — 2.2%
	22,085,000	AOA Mortgage Trust, Series 2021-1177, Class A, 1-month LIBOR + 0.874%, 3.692%, 10/15/2038, 144A(b)		20,981,435
	1,531,640	BANK, Series 2019-BN16, Class A4, 4.005%, 2/15/2052		1,422,153
	3,409,380	BANK, Series 2019-BN20, Class A3, 3.011%, 9/15/2062		2,954,405
	12,696,152	BANK, Series 2019-BN22, Class A4, 2.978%, 11/15/2062		10,955,644
	6,138,240	BANK, Series 2019-BN24, Class A3, 2.960%, 11/15/2062		5,275,909
	7,135,000	BPR Trust, Series 2021-NRD, Class A, 1-month SOFR + 1.525%, 4.447%, 12/15/2023, 144A(b)		6,828,766
	14,179,842	Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A4, 3.102%, 12/15/2072		12,308,486
	7,070,071	Citigroup Commercial Mortgage Trust, Series 2019-GC43, Class A4, 3.038%, 11/10/2052		6,134,353

See accompanying notes to financial statements.

39  |

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	8,877,514	Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class A5, 2.717%, 2/15/2053	$	7,471,280
	860,863	Commercial Mortgage Trust, Series 2010-C1, Class D, 5.985%, 7/10/2046, 144A(a)		840,410
	2,112,208	Credit Suisse Mortgage Trust, Series 2014-USA, Class A1,3.304%, 9/15/2037, 144A		1,925,485
	11,367,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class A2, 3.953%, 9/15/2037, 144A		10,317,915
	6,360,852	Extended Stay America Trust, Series 2021-ESH, Class A, 1-month LIBOR + 1.080%, 3.898%, 7/15/2038, 144A(b)		6,160,985
	1,475,916	Extended Stay America Trust, Series 2021-ESH, Class D, 1-month LIBOR + 2.250%, 5.068%, 7/15/2038, 144A(b)		1,413,045
	5,627,003	GS Mortgage Securities Trust, Series 2011-GC5, Class C, 5.302%, 8/10/2044, 144A(a)		4,657,686
	2,317,554	GS Mortgage Securities Trust, Series 2014-GC18, Class B, 4.885%, 1/10/2047(a)		2,124,234
	6,596,065	GS Mortgage Securities Trust, Series 2020-GC45, Class A5, 2.911%, 2/13/2053		5,653,553
	8,370,000	MedTrust, Series 2021-MDLN, Class A, 1-month LIBOR + 0.950%, 3.768%, 11/15/2038, 144A(b)		8,034,504
	3,825,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class A4, 4.295%, 8/15/2046(a)		3,776,680
	4,178,362	UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A4, 3.185%, 3/10/2046		4,162,568
	4,982,141	WFRBS Commercial Mortgage Trust, Series 2011-C4, Class D,4.987%, 6/15/2044, 144A(a)		4,413,122
	5,245,978	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class AS, 4.176%, 5/15/2047		5,072,252
				132,884,870
		Paper — 0.2%
	11,675,000	Klabin Austria GmbH, 7.000%, 4/03/2049, 144A		9,831,885
		Pharmaceuticals — 0.3%
	10,284,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		8,438,022
	7,588,000	Teva Pharmaceutical Finance Netherlands III BV, 7.125%, 1/31/2025		7,386,197
	2,903,000	Viatris, Inc., 4.000%, 6/22/2050		1,737,712
				17,561,931
		Property & Casualty Insurance — 0.1%
	2,585,000	Ascot Group Ltd., 4.250%, 12/15/2030, 144A		2,154,341
	5,865,000	Liberty Mutual Group, Inc., 3.950%, 5/15/2060, 144A		3,704,533
				5,858,874
		Refining — 0.3%
	21,664,000	Thaioil Treasury Center Co. Ltd., 4.875%, 1/23/2043, 144A		16,963,995
		REITs – Apartments — 0.0%
	1,715,000	American Homes 4 Rent, 3.375%, 7/15/2051		1,056,043
		REITs – Diversified — 0.3%
	3,790,000	EPR Properties, 3.600%, 11/15/2031		2,707,800
	13,668,000	iStar, Inc., 4.250%, 8/01/2025		13,258,611
				15,966,411
		Retailers — 0.8%
	3,081,000	Alibaba Group Holding Ltd., 3.250%, 2/09/2061		1,737,645
	12,000	Asbury Automotive Group, Inc., 4.500%, 3/01/2028		10,140
	242,000	Asbury Automotive Group, Inc., 4.750%, 3/01/2030		188,998
	10,405,000	Dick’s Sporting Goods, Inc., 4.100%, 1/15/2052		6,429,983
	22,769,000	El Puerto de Liverpool SAB de CV, 3.875%, 10/06/2026, 144A		21,562,243
	8,985,000	Falabella S.A., 3.375%, 1/15/2032, 144A		6,708,740
	20,000	Group 1 Automotive, Inc., 4.000%, 8/15/2028, 144A		16,104
	856,000	Hanesbrands, Inc., 4.625%, 5/15/2024, 144A		816,196
	2,037,000	Hanesbrands, Inc., 4.875%, 5/15/2026, 144A		1,831,161
	6,632,000	Lithia Motors, Inc., 4.375%, 1/15/2031, 144A		5,430,149
	4,582,000	MercadoLibre, Inc., 3.125%, 1/14/2031		3,321,950
				48,053,309
		Sovereigns — 0.7%
	12,229,000	Dominican Republic, 4.875%, 9/23/2032, 144A		9,193,900
	10,070,000	Dominican Republic, 5.300%, 1/21/2041, 144A		6,804,172
	15,265,000	Egypt Government International Bond, 7.625%, 5/29/2032, 144A		9,184,828
	17,772,000	Republic of Ghana, 7.750%, 4/07/2029, 144A		6,708,930
	14,320,000	Republic of South Africa Government International Bond, 7.300%, 4/20/2052		10,838,808
				42,730,638
		Supermarkets — 0.1%
	8,705,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.250%, 3/15/2026, 144A		7,645,924
		Technology — 2.2%
	2,425,000	Baidu, Inc., 2.375%, 10/09/2030		1,914,925
	4,515,000	Baidu, Inc., 3.075%, 4/07/2025		4,269,790
	3,890,000	Broadcom, Inc., 3.137%, 11/15/2035, 144A		2,725,720
	10,254,000	Corning, Inc., 5.450%, 11/15/2079		8,384,614
	2,133,000	Equifax, Inc., 2.600%, 12/15/2025		1,950,583
	2,544,000	Equifax, Inc., 3.300%, 12/15/2022		2,543,037
	4,324,000	Equifax, Inc., 7.000%, 7/01/2037		4,549,613
	11,320,000	HCL America, Inc., 1.375%, 3/10/2026, 144A		9,938,847
	6,756,000	Hewlett Packard Enterprise Co., 4.450%, 10/02/2023		6,726,605
	14,421,000	Hewlett Packard Enterprise Co., 6.200%, 10/15/2035		14,107,621
	12,214,000	Iron Mountain, Inc., 4.500%, 2/15/2031, 144A		9,443,620
	5,460,000	Jabil, Inc., 3.000%, 1/15/2031		4,307,780
	11,294,000	Microchip Technology, Inc., 2.670%, 9/01/2023		11,006,455
	6,371,000	Microchip Technology, Inc., 4.333%, 6/01/2023		6,340,106
	6,151,000	Molex Electronic Technologies LLC, 3.900%, 4/15/2025, 144A		5,826,794
	13,801,000	Oracle Corp., 4.100%, 3/25/2061		8,688,692
	4,505,000	Qorvo, Inc., 1.750%, 12/15/2024, 144A		4,152,765
	3,513,000	Sabre GLBL, Inc., 7.375%, 9/01/2025, 144A		3,146,351
	39,000	Science Applications International Corp., 4.875%, 4/01/2028, 144A		34,697
	4,204,000	Sensata Technologies, Inc., 3.750%, 2/15/2031, 144A		3,311,512
	14,793,000	Tencent Holdings Ltd., 3.290%, 6/03/2060, 144A		8,426,242
	11,682,000	Ziff Davis, Inc., 4.625%, 10/15/2030, 144A		9,579,240
				131,375,609
		Tobacco — 0.5%
	31,751,000	BAT Capital Corp., 2.789%, 9/06/2024		30,185,412

See accompanying notes to financial statements.

|  40

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Transportation Services — 0.1%
$	5,293,000	Ryder System, Inc., MTN, 2.500%, 9/01/2024	$	5,051,897
		Treasuries — 23.0%
	8,220,100(††)	Mexican Fixed Rate Bonds, Series M, 5.750%, 3/05/2026, (MXN)		35,816,281
	25,562,431(††)	Mexican Fixed Rate Bonds, Series M 20, 8.500%, 5/31/2029, (MXN)		119,789,744
	468,727,000	Republic of Uruguay, 8.500%, 3/15/2028, 144A, (UYU)		9,945,928
	49,100,000	U.S. Treasury Bond, 1.125%, 8/15/2040		30,415,148
	154,795,000	U.S. Treasury Bond, 1.750%, 8/15/2041		105,835,035
	234,700,000	U.S. Treasury Bond, 2.000%, 11/15/2041		167,975,522
	73,240,000	U.S. Treasury Bond, 2.250%, 2/15/2052		53,213,438
	71,990,000	U.S. Treasury Bond, 2.375%, 2/15/2042		55,162,337
	102,735,000	U.S. Treasury Bond, 2.875%, 5/15/2052		86,152,929
	30,540,000	U.S. Treasury Bond, 3.000%, 8/15/2052		26,354,358
	46,925,000	U.S. Treasury Bond, 3.250%, 5/15/2042		41,645,938
	105,150,000	U.S. Treasury Note, 2.750%, 7/31/2027		99,013,511
	169,775,000	U.S. Treasury Note, 2.750%, 8/15/2032		155,238,016
	1,135,000	U.S. Treasury Note, 2.875%, 5/15/2032		1,049,343
	2,250,000	U.S. Treasury Note, 3.125%, 8/31/2027		2,158,242
	206,885,000	U.S. Treasury Note, 3.125%, 8/31/2029		196,346,795
	5,300,000	U.S. Treasury Note, 3.250%, 8/31/2024		5,204,352
	80,895,000	U.S. Treasury Note, 4.125%, 9/30/2027		81,160,437
	4,253,157,000	Uruguay Government International Bond, 8.250%, 5/21/2031, (UYU)		84,182,683
	93,095,000	Uruguay Government International Bond, 8.500%, 3/15/2028, (UYU)		1,975,385
				1,358,635,422
		Utility Other — 0.3%
	22,525,858	Acwa Power Management & Investments One Ltd., 5.950%, 12/15/2039, 144A		20,136,856
		Wireless — 1.0%
	5,400,000	America Movil SAB de CV, 2.875%, 5/07/2030		4,535,027
	14,780,000	America Movil SAB de CV, 5.375%, 4/04/2032, 144A		12,736,813
	18,567,000	Bharti Airtel Ltd., 4.375%, 6/10/2025, 144A		17,905,866
	983,000	Crown Castle, Inc., 4.150%, 7/01/2050		728,767
	5,305,000	Empresa Nacional de Telecomunicaciones S.A., 3.050%, 9/14/2032, 144A		3,899,175
	7,180,000	Kenbourne Invest S.A., 4.700%, 1/22/2028, 144A		5,498,085
	5,452,000	Millicom International Cellular S.A., 4.500%, 4/27/2031, 144A		3,886,949
	11,510,000	SBA Communications Corp., 3.125%, 2/01/2029		9,257,147
				58,447,829
		Wirelines — 0.6%
	17,028,000	AT&T, Inc., 1.700%, 3/25/2026		15,142,815
	7,956,000	AT&T, Inc., 3.500%, 9/15/2053		5,301,406
	1,863,000	AT&T, Inc., 3.650%, 6/01/2051		1,258,562
	11,391,000	AT&T, Inc., 3.650%, 9/15/2059		7,380,234
	7,539,000	AT&T, Inc., 3.800%, 12/01/2057		5,092,931
				34,175,948
		Total Non-Convertible Bonds (Identified Cost $6,223,128,302)		5,332,515,636
	Municipals — 0.1%
		Virginia — 0.1%
	12,785,000	University of Virginia, Revenue Bond, Series A, 3.227%, 9/01/2119		7,718,386
		Total Municipals (Identified Cost $12,785,000)		7,718,386
		Total Bonds and Notes (Identified Cost $6,235,913,302)		5,340,234,022
	Senior Loans — 2.9%
		Brokerage — 0.2%
	5,479,198	AllSpring Buyer LLC, Term Loan B, 3-month LIBOR + 3.000%, 6.688%, 11/01/2028(b)(e)		5,309,343
	3,609,725	Citadel Securities LP, 2021 Term Loan B, 1-month SOFR + 2.500%, 5.649%, 2/02/2028(b)(f)		3,500,531
				8,809,874
		Building Materials — 0.4%
	7,498,870	American Builders & Contractors Supply Co., Inc., 2019 Term Loan, 1-month LIBOR + 2.000%, 5.115%, 1/15/2027(b)(f)		7,250,507
	8,249,737	Beacon Roofing Supply, Inc., 2021 Term Loan B, 1-month LIBOR + 2.250%, 5.365%, 5/19/2028(b)(f)		7,940,372
	5,190,738	Quikrete Holdings, Inc., 2016 1st Lien Term Loan, 1-month LIBOR + 2.625%, 5.740%, 2/01/2027(b)(f)		4,974,440
	4,017,819	Quikrete Holdings, Inc., 2021 Term Loan B1, 1-month LIBOR + 3.000%, 6.115%, 6/11/2028(b)(f)		3,858,794
				24,024,113
		Cable Satellite — 0.3%
	6,779,501	CSC Holdings LLC, 2017 Term Loan B1, 1-month LIBOR + 2.250%, 5.068%, 7/17/2025(b)(f)		6,444,797
	6,942,629	UPC Broadband Holding BV, 2020 USD Term Loan AT, 1-month LIBOR + 2.250%, 5.068%, 4/30/2028(b)(f)		6,595,497
	3,715,845	Virgin Media Bristol LLC, USD Term Loan N, 1-month LIBOR + 2.500%, 5.318%, 1/31/2028(b)(f)		3,540,383
				16,580,677
		Consumer Cyclical Services — 0.3%
	8,123,723	AEA International Holdings (Lux) S.a.r.l., Term Loan B, 3-month LIBOR + 3.750%, 7.438%, 9/07/2028(b)(e)		7,900,320
	4,300,563	RE/MAX International, Inc., 2021 Term Loan B, 1-month LIBOR + 2.500%, 5.625%, 7/21/2028(b)(e)		4,028,208
	5,634,401	Uber Technologies, Inc., 2021 Term Loan B, 3-month LIBOR + 3.500%, 6.570%, 2/25/2027(b)(f)		5,481,484
				17,410,012
		Consumer Products — 0.1%
	4,199,032	Coty, Inc., 2018 USD Term Loan B, 1-month LIBOR + 2.250%, 4.935%, 4/07/2025(b)(f)		4,073,817
	2,764,814	SRAM LLC, 2021 Term Loan B, LIBOR + 2.750%, 5.824%, 5/18/2028(e)(g)		2,605,837
				6,679,654

See accompanying notes to financial statements.

41  |

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Diversified Manufacturing — 0.0%
$	857,552	Griffon Corp., Term Loan B, 1-month SOFR + 2.500%, 5.564%, 1/24/2029(b)(e)	$	822,538
		Electric — 0.3%
	5,712,754	Calpine Corp., 2019 Term Loan B10, 1-month LIBOR + 2.000%, 5.115%, 8/12/2026(b)(f)		5,469,962
	2,093,497	Calpine Corp., Term Loan B9, 1-month LIBOR + 2.000%, 5.120%, 4/05/2026(b)(f)		2,008,878
	7,609,776	Pacific Gas & Electric Co., 2020 Term Loan, 1-month LIBOR + 3.000%, 6.125%, 6/23/2025(b)(e)		7,263,531
				14,742,371
		Financial Other — 0.1%
	3,626,437	Trans Union LLC, 2019 Term Loan B5, 1-month LIBOR + 1.750%, 4.865%, 11/16/2026(b)(f)		3,492,259
		Food & Beverage — 0.1%
	6,976,941	Aramark Services, Inc., 2021 Term Loan B, 1-month LIBOR + 2.500%, 5.615%, 4/06/2028(b)(f)		6,813,401
		Gaming — 0.1%
	4,413,275	Churchill Downs, Inc., 2021 Incremental Term Loan B1, 1-month LIBOR + 2.000%, 5.120%, 3/17/2028(b)(f)		4,266,180
		Healthcare — 0.1%
	6,233,458	Change Healthcare Holdings LLC, 2017 Term Loan B, 3-month Prime + 1.500%, 7.750%, 3/01/2024(b)(f)		6,209,210
		Media Entertainment — 0.2%
	4,587,150	E.W. Scripps Co. (The), 2020 Term Loan B3, 1-month LIBOR + 2.750%, 5.865%, 1/07/2028(b)(h)		4,428,251
	2,685,459	Sinclair Television Group, Inc., Term Loan B2B, 1-month LIBOR + 2.500%, 5.620%, 9/30/2026(b)(f)		2,537,758
	5,882,533	WMG Acquisition Corp., 2021 Term Loan G, 1-month LIBOR + 2.125%, 5.240%, 1/20/2028(b)(f)		5,691,351
				12,657,360
		Pharmaceuticals — 0.1%
	8,849,865	Elanco Animal Health, Inc., Term Loan B, 1-month LIBOR + 1.750%, 4.314%, 8/01/2027(b)(f)		8,401,884
		Property & Casualty Insurance — 0.1%
	5,498,087	Asurion LLC, 2020 Term Loan B8, 1-month LIBOR + 3.250%, 6.365%, 12/23/2026(b)(f)		4,649,348
	2,066,623	USI, Inc., 2019 Incremental Term Loan B, 3-month LIBOR + 3.250%, 6.924%, 12/02/2026(b)(f)		1,985,673
				6,635,021
		Restaurants — 0.1%
	4,899,700	1011778 B.C. Unlimited Liability Co., Term Loan B4, 1-month LIBOR + 1.750%, 4.871%, 11/19/2026(b)(f)		4,674,853
		Retailers — 0.1%
	6,596,531	Restoration Hardware, Inc., Term Loan B, 1-month LIBOR + 2.500%, 5.615%, 10/20/2028(b)(e)		5,829,684
		Technology — 0.3%
	7,456,975	Iron Mountain, Inc., 2018 Term Loan B, 1-month LIBOR + 1.750%, 4.865%, 1/02/2026(b)(f)		7,226,256
	2,976,840	Sabre GLBL, Inc., 2021 Term Loan B1, 1-month LIBOR + 3.500%, 6.615%, 12/17/2027(b)(e)		2,658,080
	4,745,260	Sabre GLBL, Inc., 2021 Term Loan B2, 1-month LIBOR + 3.500%, 6.615%, 12/17/2027(b)(e)		4,237,138
	6,621,516	SS&C Technologies, Inc., 2018 Term Loan B5, 1-month LIBOR + 1.750%, 4.865%, 4/16/2025(b)(f)		6,414,593
				20,536,067
		Total Senior Loans (Identified Cost $176,199,229)		168,585,158
	Collateralized Loan Obligations — 1.7%
	1,585,000	AMMC CLO Ltd., Series 2018-22A, Class D, 3-month LIBOR + 2.700%, 5.483%, 4/25/2031, 144A(b)		1,365,051
	400,000	Ares XXXVII CLO Ltd., Series 2015-4A, Class A3R, 3-month LIBOR + 1.500%, 4.012%, 10/15/2030, 144A(b)		378,571
	1,000,000	Atrium XIII, Series 13A, Class A1, 3-month LIBOR + 1.180%, 3.963%, 11/21/2030, 144A(b)		984,725
	1,165,000	Bain Capital Credit CLO, Series 2019-1A, Class CR, 3-month LIBOR + 2.150%, 4.888%, 4/19/2034, 144A(b)		1,048,095
	420,000	Bain Capital Credit CLO Ltd., Series 2021-4A, Class D, 3-month LIBOR + 3.100%, 5.810%, 10/20/2034, 144A(b)		359,210
	1,400,000	Ballyrock CLO Ltd., Series 2019-1A, Class A2R, 3-month LIBOR + 1.550%, 4.062%, 7/15/2032, 144A(b)		1,305,212
	400,000	Battalion CLO XIX Ltd., Series 2021-19A, Class D, 3-month LIBOR + 3.250%, 5.762%, 4/15/2034, 144A(b)		345,954
	1,675,000	Betony CLO Ltd., Series 18-1A, Class A2, 3-month LIBOR + 1.600%, 4.382%, 4/30/2031, 144A(b)		1,572,889
	1,575,000	BlueMountain CLO XXIX Ltd., Series 2020-29A, Class BR, 3-month LIBOR + 1.750%, 4.533%, 7/25/2034, 144A(b)		1,472,003
	2,035,000	Carbone CLO Ltd., Series 2017-1A, Class A1, 3-month LIBOR + 1.140%, 3.850%, 1/20/2031, 144A(b)		1,981,459
	400,000	CarVal CLO II Ltd., Series 2019-1A, Class DR, 3-month LIBOR + 3.200%, 5.910%, 4/20/2032, 144A(b)		352,989
	3,515,000	CarVal CLO III Ltd., Series 2019-2A, Class DR, 3-month LIBOR + 2.950%, 5.660%, 7/20/2032, 144A(b)		3,056,809
	525,000	Cayuga Park CLO Ltd., Series 2020-1A, Class B1R, 3-month LIBOR + 1.650%, 4.390%, 7/17/2034, 144A(b)		491,366
	2,165,000	CIFC Funding Ltd., Series 18-2RA, Class A2, 3-month LIBOR + 1.250%, 3.960%, 1/20/2028, 144A(b)		2,092,516
	540,000	CIFC Funding Ltd., Series 2019-3A, Class CR, 3-month LIBOR + 3.050%, 5.790%, 10/16/2034, 144A(b)		481,478
	2,500,000	CIFC Funding Ltd., Series 2019-5A, Class CR, 3-month LIBOR + 3.150%, 5.662%, 1/15/2035, 144A(b)		2,227,782

See accompanying notes to financial statements.

|  42

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
$	1,935,000	CIFC Funding Ltd., Series 2020-1A, Class BR, 3-month LIBOR + 1.650%, 4.162%, 7/15/2036, 144A(b)	$	1,814,115
	4,500,000	CIFC Funding Ltd., Series 2020-3A, Class DR, 3-month LIBOR + 3.100%, 5.810%, 10/20/2034, 144A(b)		4,000,293
	7,190,000	CIFC Funding Ltd., Series 2021-7A, Class D, 3-month LIBOR + 3.000%, 5.783%, 1/23/2035, 144A(b)		6,301,596
	7,655,000	Crown City CLO III, Series 2021-1A, Class A1A, 3-month LIBOR + 1.170%, 3.880%, 7/20/2034, 144A(b)		7,290,821
	5,450,000	Dryden CLO Ltd., Series 2020-78A, Class A, 3-month LIBOR + 1.180%, 3.920%, 4/17/2033, 144A(b)		5,294,664
	2,520,000	Elmwood CLO III Ltd., Series 2019-3A, Class AR, 3-month LIBOR + 1.160%, 3.870%, 10/20/2034, 144A(b)		2,412,212
	2,700,000	Elmwood CLO IV Ltd., Series 2020-1A, Class A, 3-month LIBOR + 1.240%, 3.752%, 4/15/2033, 144A(b)		2,610,795
	1,750,000	Fortress Credit BSL XII Ltd., Series 2021-4A, Class D, 3-month LIBOR + 3.650%, 6.162%, 10/15/2034, 144A(b)		1,504,942
	1,650,000	Gilbert Park CLO Ltd., Series 2017-1A, Class D, 3-month LIBOR + 2.950%, 5.462%, 10/15/2030, 144A(b)		1,479,723
	2,000,000	LCM XX LP, Series 20A, Class BR, 3-month LIBOR + 1.550%, 4.260%, 10/20/2027, 144A(b)		1,946,748
	1,190,000	Long Point Park CLO Ltd., Series 2017-1A, Class A2, 3-month LIBOR + 1.375%, 4.115%, 1/17/2030, 144A(b)		1,126,354
	1,650,000	Madison Park Funding XLVI Ltd., Series 2020-46A, Class DR, 3-month LIBOR + 3.150%, 5.662%, 10/15/2034, 144A(b)		1,476,399
	475,000	Madison Park Funding XXXV Ltd., Series 2019-35A, Class CR, 3-month LIBOR + 1.900%, 4.610%, 4/20/2032, 144A(b)		437,139
	1,250,000	Magnetite XXI Ltd., Series 2019-21A, Class BR, 3-month LIBOR + 1.350%, 4.060%, 4/20/2034, 144A(b)		1,156,145
	4,320,000	Magnetite XXIII Ltd., Series 2019-23A, Class DR, 3-month LIBOR + 3.050%, 5.833%, 1/25/2035, 144A(b)		3,825,779
	1,900,000	Magnetite XXX Ltd., Series 2021-30A, Class D, 3-month LIBOR + 2.950%, 5.733%, 10/25/2034, 144A(b)		1,678,069
	465,000	MP CLO VIII Ltd., Class ARR, Series 2015-2A, 3-month LIBOR + 1.200%, 3.993%, 4/28/2034, 144A(b)		440,119
	3,410,000	Neuberger Berman Loan Advisers CLO Ltd., Series 2021-40A, Class B, 3-month LIBOR + 1.400%, 4.140%, 4/16/2033, 144A(b)		3,201,461
	2,745,000	NYACK Park CLO Ltd., Series 2021-1A, Class D, 3-month LIBOR + 2.800%, 5.510%, 10/20/2034, 144A(b)		2,375,463
	1,150,000	OCP CLO Ltd., Series 2021-21A, Class D, 3-month LIBOR + 2.950%, 5.660%, 7/20/2034, 144A(b)		975,760
	7,630,000	OHA Credit Funding Ltd., Series 2021-8A, Class B1, 3-month LIBOR + 1.500%, 4.240%, 1/18/2034, 144A(b)		7,141,962
	720,000	OHA Credit Partners VII Ltd., Series 2012-7A, Class D1R3, 3-month LIBOR + 2.900%, 5.884%, 2/20/2034, 144A(b)		637,139
	3,895,000	OHA Credit Partners XIII Ltd., Series 2016-13A, Class DR, 3-month LIBOR + 3.200%, 5.932%, 10/25/2034, 144A(b)		3,436,742
	415,000	Palmer Square Loan Funding Ltd., Series 2020-1A, Class A2, 3-month LIBOR + 1.350%, 4.334%, 2/20/2028, 144A(b)		415,000
	2,120,000	Palmer Square Loan Funding Ltd., Series 2020-4A, Class C, 3-month LIBOR + 3.600%, 6.597%, 11/25/2028, 144A(b)		2,060,700
	5,670,000	Post CLO Ltd., Series 2021-1A, Class B, 3-month LIBOR + 1.750%, 4.262%, 10/15/2034, 144A(b)		5,296,789
	1,245,000	Post CLO Ltd., Series 2022-1A, Class B, 3-month SOFR + 1.900%, 2.613%, 4/20/2035, 144A(b)		1,174,262
	3,730,000	PPM CLO Ltd., Series 2021-5A, Class B, 3-month LIBOR + 1.700%, 4.440%, 10/18/2034, 144A(b)		3,488,998
	3,250,000	Riserva CLO Ltd., Series 2016-3A, Class DRR, 3-month LIBOR + 3.250%, 5.990%, 1/18/2034, 144A(b)		2,802,517
	1,495,000	Rockford Tower CLO Ltd., Series 2017-1A, Class BR2A, 3-month LIBOR + 1.650%, 4.360%, 4/20/2034, 144A(b)		1,385,274
	1,000,000	Signal Peak CLO Ltd., Series 2022-12A, Class B1, 3-month SOFR + 2.600%, 4.717%, 7/18/2034, 144A(b)		973,016
	1,000,000	Silver Creek CLO Ltd., Series 2014-1A, Class DR, 3-month LIBOR + 3.350%, 6.060%, 7/20/2030, 144A(b)		907,494
	400,000	Symphony CLO XIV Ltd., Series 2014-14A, Class CR, 3-month LIBOR + 2.100%, 4.583%, 7/14/2026, 144A(b)		395,124
	1,000,000	Trinitas CLO XVI Ltd., Series 2021-16A, Class A1, 3-month LIBOR + 1.180%, 3.890%, 7/20/2034, 144A(b)		956,597
	351,594	WhiteHorse IX Ltd., Series 2014-9A, Class C, 3-month LIBOR + 2.700%, 5.440%, 7/17/2026, 144A(b)		351,281
		Total Collateralized Loan Obligations (Identified Cost $109,571,729)		102,287,601
	Short-Term Investments — 3.9%
	39,910,642	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2022 at 1.100% to be repurchased at $39,914,301 on 10/03/2022 collateralized by $41,509,900 U.S. Treasury Note, 3.500% due 9/15/2025 valued at $40,708,883 including accrued interest (Note 2 of Notes to Financial Statements)		39,910,642
	61,520,000	U.S. Treasury Bills, 2.301%-2.358%, 10/13/2022(i)(j)		61,475,526
	10,720,000	U.S. Treasury Bills, 2.330%, 10/06/2022(i)		10,717,809
	119,885,000	U.S. Treasury Bills, 2.400%-2.450%, 10/11/2022(i)(j)		119,819,730
		Total Short-Term Investments (Identified Cost $231,929,076)		231,923,707
		Total Investments — 98.8% (Identified Cost $6,753,613,336)		5,843,030,488
		Other assets less liabilities — 1.2%		68,362,990
		Net Assets — 100.0%	$	5,911,393,478

See accompanying notes to financial statements.

43  |

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Core Plus Bond Fund – (continued)

(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
(†)	See Note 2 of Notes to Financial Statements.
(††)	Amount shown represents units. One unit represents a principal amount of 100.
(a)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of September 30, 2022 is disclosed.
(b)	Variable rate security. Rate as of September 30, 2022 is disclosed.
(c)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
(d)	The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
(e)	Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark floor rate of 0.50%, to which the spread is added.
(f)	Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark floor rate of 0.00%, to which the spread is added.
(g)	Variable rate security. Rate shown represents the weighted average rate of underlying contracts at September 30, 2022. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period.
(h)	Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark floor rate of 0.75%, to which the spread is added.
(i)	Interest rate represents discount rate at time of purchase; not a coupon rate.
(j)	The Fund’s investment in U.S. Government/Agency securities is comprised of various lots with differing discount rates. These separate investments, which have the same maturity date, have been aggregated for the purpose of presentation in the Portfolio of Investments.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2022, the value of Rule 144A holdings amounted to $1,385,435,271 or 23.4% of net assets.
ABS	Asset-Backed Securities
EMTN	Euro Medium Term Note
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GMTN	Global Medium Term Note
GNMA	Government National Mortgage Association
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
REITs	Real Estate Investment Trusts
SOFR	Secured Overnight Financing Rate
MXN	Mexican Peso
UYU	Uruguayan Peso

At September 30, 2022, open long futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
10 Year U.S. Treasury Note		12/20/2022		1,404	$	161,822,366	$	157,335,750	$	(4,486,616	)
2 Year U.S. Treasury Note		12/30/2022		773		161,330,970		158,766,954		(2,564,016	)
Ultra Long U.S. Treasury Bond		12/20/2022		602		89,986,609		82,474,000		(7,512,609	)
Total									$	(14,563,241	)

Industry Summary at September 30, 2022

Mortgage Related	26.8	%
Treasuries	23.0
Banking	7.9
Technology	2.5
Finance Companies	2.3
Non-Agency Commercial Mortgage-Backed Securities	2.2
Electric	2.2
Government Owned – No Guarantee	2.1
Other Investments, less than 2% each	24.2
Short-Term Investments	3.9
Collateralized Loan Obligations	1.7
Total Investments	98.8
Other assets less liabilities (including futures contracts)	1.2
Net Assets	100.0	%

See accompanying notes to financial statements.

|  44

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Credit Income Fund

Principal Amount		Description	Value (†)
	Bonds and Notes — 91.3% of Net Assets
	Non-Convertible Bonds — 86.1%
		Aerospace & Defense — 3.0%
$	125,000	Boeing Co. (The), 2.196%, 2/04/2026	$	110,930
	20,000	Boeing Co. (The), 2.250%, 6/15/2026		17,577
	20,000	Boeing Co. (The), 2.950%, 2/01/2030		16,079
	5,000	Boeing Co. (The), 3.100%, 5/01/2026		4,564
	10,000	Boeing Co. (The), 3.200%, 3/01/2029		8,349
	5,000	Boeing Co. (The), 3.250%, 2/01/2035		3,531
	5,000	Boeing Co. (The), 3.375%, 6/15/2046		3,021
	5,000	Boeing Co. (The), 3.500%, 3/01/2039		3,338
	15,000	Boeing Co. (The), 3.550%, 3/01/2038		10,275
	220,000	Boeing Co. (The), 3.625%, 2/01/2031		182,611
	5,000	Boeing Co. (The), 3.625%, 3/01/2048		3,110
	35,000	Boeing Co. (The), 3.750%, 2/01/2050		22,606
	15,000	Boeing Co. (The), 3.825%, 3/01/2059		9,036
	10,000	Boeing Co. (The), 3.850%, 11/01/2048		6,473
	15,000	Boeing Co. (The), 3.900%, 5/01/2049		9,797
	45,000	Boeing Co. (The), 5.150%, 5/01/2030		41,627
	30,000	Huntington Ingalls Industries, Inc., 3.844%, 5/01/2025		28,749
	20,000	Huntington Ingalls Industries, Inc., 4.200%, 5/01/2030		17,647
	125,000	Textron, Inc., 3.000%, 6/01/2030		102,922
	20,000	TransDigm, Inc., 6.250%, 3/15/2026, 144A		19,400
				621,642
		Airlines — 0.3%
	70,949	American Airlines Pass Through Trust, Series 2016-3, Class A, 3.250%, 4/15/2030		55,118
	11,940	United Airlines Pass Through Trust, Series 2020-1, Class B, 4.875%, 7/15/2027		10,988
				66,106
		Automotive — 1.1%
	60,000	Allison Transmission, Inc., 3.750%, 1/30/2031, 144A		45,995
	15,000	Ford Motor Co., 3.250%, 2/12/2032		10,805
	170,000	General Motors Co., 5.200%, 4/01/2045		129,442
	40,000	General Motors Co., 6.250%, 10/02/2043		34,745
	5,000	General Motors Financial Co., Inc., Series C, (fixed rate to 9/30/2030, variable rate thereafter), 5.700%(a)		4,286
				225,273
		Banking — 10.7%
	40,000	Ally Financial, Inc., 2.200%, 11/02/2028		30,903
	65,000	Ally Financial, Inc., Series B, (fixed rate to 5/15/2026, variable rate thereafter), 4.700%(a)		50,668
	50,000	Ally Financial, Inc., Series C, (fixed rate to 5/15/2028, variable rate thereafter), 4.700%(a)		35,625
	270,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		256,507
	200,000	Barclays PLC, (fixed rate to 9/23/2030, variable rate thereafter), 3.564%, 9/23/2035		146,964
	215,000	Citigroup, Inc., 4.450%, 9/29/2027		199,020
	250,000	Credit Agricole S.A., (fixed rate to 1/10/2028, variable rate thereafter), 4.000%, 1/10/2033, 144A		214,640
	150,000	Deutsche Bank AG, (fixed rate to 9/18/2030, variable rate thereafter), 3.547%, 9/18/2031		114,368
	120,000	Goldman Sachs Group, Inc. (The), (fixed rate to 1/24/2024, variable rate thereafter), 1.757%, 1/24/2025		114,017
	390,000	Morgan Stanley, 3.625%, 1/20/2027		362,787
	80,000	Morgan Stanley, (fixed rate to 1/21/2027, variable rate thereafter), 2.475%, 1/21/2028		69,920
	200,000	NatWest Group PLC, (fixed rate to 6/14/2026, variable rate thereafter), 1.642%, 6/14/2027		167,911
	115,000	Santander Holdings USA, Inc., 3.244%, 10/05/2026		102,906
	200,000	Societe Generale S.A., (fixed rate to 7/08/2030, variable rate thereafter), 3.653%, 7/08/2035, 144A		151,224
		Banking — continued
	200,000	Standard Chartered PLC, (fixed rate to 4/01/2030, variable rate thereafter), 4.644%, 4/01/2031, 144A		174,703
				2,192,163
		Brokerage — 0.9%
	15,000	Jefferies Group LLC, 6.250%, 1/15/2036		14,010
	180,000	Jefferies Group LLC, 6.500%, 1/20/2043		168,874
				182,884
		Cable Satellite — 5.3%
	125,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 2/01/2031, 144A		96,703
	120,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.500%, 8/15/2030, 144A		94,901
	35,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.750%, 2/01/2032, 144A		27,257
	25,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2027, 144A		22,563
	10,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.500%, 5/01/2026, 144A		9,475
	5,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 2.300%, 2/01/2032		3,570
	20,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 2.800%, 4/01/2031		15,119
	5,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.400%, 4/01/2033		4,140
	90,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.950%, 6/30/2062		53,369
	150,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.800%, 3/01/2050		108,208
	200,000	CSC Holdings LLC, 4.625%, 12/01/2030, 144A		136,000
	200,000	CSC Holdings LLC, 5.000%, 11/15/2031, 144A		132,108
	15,000	DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc., 5.875%, 8/15/2027, 144A		12,932
	155,000	DISH DBS Corp., 5.125%, 6/01/2029		91,063
	175,000	DISH DBS Corp., 5.250%, 12/01/2026, 144A		143,368
	200,000	Time Warner Cable LLC, 4.500%, 9/15/2042		138,081
				1,088,857
		Chemicals — 1.5%
	15,000	Celanese U.S. Holdings LLC, 6.330%, 7/15/2029		13,980
	10,000	Celanese U.S. Holdings LLC, 6.379%, 7/15/2032		9,293
	70,000	CF Industries, Inc., 4.500%, 12/01/2026, 144A		67,105
	15,000	FMC Corp., 3.450%, 10/01/2029		12,880
	60,000	Hercules LLC, 6.500%, 6/30/2029		57,840
	200,000	Orbia Advance Corp. SAB de CV, 2.875%, 5/11/2031, 144A		146,118
				307,216
		Construction Machinery — 0.7%
	90,000	Caterpillar Financial Services Corp., MTN, 0.950%, 1/10/2024		86,195
	20,000	John Deere Capital Corp., MTN, 0.900%, 1/10/2024		19,102
	35,000	John Deere Capital Corp., MTN, 1.250%, 1/10/2025		32,480
				137,777
		Consumer Cyclical Services — 2.5%
	10,000	Expedia Group, Inc., 2.950%, 3/15/2031		7,758
	195,000	Expedia Group, Inc., 3.250%, 2/15/2030		158,147
	50,000	Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.500%, 3/01/2029, 144A		40,894
	325,000	Uber Technologies, Inc., 4.500%, 8/15/2029, 144A		273,203
	25,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A		24,500
				504,502

See accompanying notes to financial statements.

45  |

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Credit Income Fund – (continued)

Principal Amount		Description	Value (†)
		Electric — 0.9%
$	15,000	AES Corp. (The), 2.450%, 1/15/2031	$	11,475
	5,000	AES Corp. (The), 3.950%, 7/15/2030, 144A		4,281
	60,000	Calpine Corp., 3.750%, 3/01/2031, 144A		46,950
	20,000	IPALCO Enterprises, Inc., 4.250%, 5/01/2030		17,352
	35,000	NRG Energy, Inc., 4.450%, 6/15/2029, 144A		30,359
	35,000	NRG Energy, Inc., 5.250%, 6/15/2029, 144A		30,625
	35,000	Pacific Gas & Electric Co., 3.500%, 8/01/2050		21,300
	15,000	Pacific Gas & Electric Co., 5.450%, 6/15/2027		14,130
	20,000	Vistra Operations Co. LLC, 3.700%, 1/30/2027, 144A		17,713
				194,185
		Finance Companies — 7.0%
	150,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.875%, 1/23/2028		129,465
	105,000	Air Lease Corp., 3.125%, 12/01/2030		82,674
	205,000	Air Lease Corp., MTN, 3.000%, 2/01/2030		162,343
	40,000	Air Lease Corp., Series B, (fixed rate to 6/15/2026, variable rate thereafter), 4.650%(a)		33,395
	125,000	Aircastle Ltd., 4.125%, 5/01/2024		120,115
	15,000	Aircastle Ltd., (fixed rate to 6/15/2026, variable rate thereafter), 5.250%, 144A(a)		11,251
	40,000	Ares Capital Corp., 2.875%, 6/15/2028		31,483
	60,000	Ares Capital Corp., 3.200%, 11/15/2031		42,767
	35,000	Aviation Capital Group LLC, 1.950%, 1/30/2026, 144A		29,379
	30,000	Barings BDC, Inc., 3.300%, 11/23/2026, 144A		24,883
	115,000	Blackstone Secured Lending Fund, 2.125%, 2/15/2027		92,758
	40,000	FS KKR Capital Corp., 3.125%, 10/12/2028		31,062
	35,000	FS KKR Capital Corp., 3.400%, 1/15/2026		30,882
	75,000	Hercules Capital, Inc., 3.375%, 1/20/2027		62,195
	60,000	Navient Corp., 5.000%, 3/15/2027		49,075
	30,000	Oaktree Specialty Lending Corp., 2.700%, 1/15/2027		25,261
	10,000	OneMain Finance Corp., 7.125%, 3/15/2026		9,014
	50,000	Owl Rock Capital Corp., 2.625%, 1/15/2027		40,399
	50,000	Owl Rock Capital Corp., 2.875%, 6/11/2028		38,077
	60,000	Owl Rock Technology Finance Corp., 2.500%, 1/15/2027		48,139
	140,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/2026, 144A		114,800
	75,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		57,724
	160,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		115,977
	60,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A		41,251
				1,424,369
		Financial Other — 0.8%
	30,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029		24,146
	115,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.250%, 5/15/2027		100,684
	35,000	Nationstar Mortgage Holdings, Inc., 5.750%, 11/15/2031, 144A		25,668
	200,000	Times China Holdings Ltd., 6.200%, 3/22/2026		22,144
				172,642
		Food & Beverage — 1.5%
	30,000	Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.250%, 4/27/2029, 144A		26,025
	5,000	Darling Ingredients, Inc., 6.000%, 6/15/2030, 144A		4,758
	20,000	JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.000%, 2/02/2029, 144A		16,363
	10,000	Pilgrim’s Pride Corp., 3.500%, 3/01/2032, 144A		7,542
	10,000	Pilgrim’s Pride Corp., 4.250%, 4/15/2031, 144A		7,983
		Food & Beverage — continued
	50,000	Pilgrim’s Pride Corp., 5.875%, 9/30/2027, 144A		48,625
	60,000	Post Holdings, Inc., 4.625%, 4/15/2030, 144A		49,275
	190,000	Smithfield Foods, Inc., 3.000%, 10/15/2030, 144A		146,707
				307,278
		Gaming — 0.9%
	20,000	GLP Capital LP/GLP Financing II, Inc., 3.250%, 1/15/2032		15,034
	55,000	Scientific Games International, Inc., 7.000%, 5/15/2028, 144A		51,857
	5,000	Scientific Games International, Inc., 7.250%, 11/15/2029, 144A		4,654
	85,000	VICI Properties LP/VICI Note Co., Inc., 3.875%, 2/15/2029, 144A		71,307
	20,000	VICI Properties LP/VICI Note Co., Inc., 4.250%, 12/01/2026, 144A		18,052
	5,000	VICI Properties LP/VICI Note Co., Inc., 4.500%, 9/01/2026, 144A		4,566
	5,000	VICI Properties LP/VICI Note Co., Inc., 4.625%, 6/15/2025, 144A		4,705
	10,000	VICI Properties LP/VICI Note Co., Inc., 5.625%, 5/01/2024, 144A		9,827
				180,002
		Government Owned – No Guarantee — 0.1%
	25,000	EcoPetrol S.A., 4.625%, 11/02/2031		17,500
		Health Insurance — 0.7%
	90,000	Centene Corp., 2.500%, 3/01/2031		67,840
	35,000	Centene Corp., 2.625%, 8/01/2031		26,379
	20,000	Centene Corp., 3.000%, 10/15/2030		15,839
	5,000	Centene Corp., 4.625%, 12/15/2029		4,493
	25,000	Molina Healthcare, Inc., 3.875%, 5/15/2032, 144A		20,478
				135,029
		Healthcare — 1.6%
	15,000	Catalent Pharma Solutions, Inc., 3.125%, 2/15/2029, 144A		11,569
	75,000	Cigna Corp., 4.375%, 10/15/2028		70,819
	87,954	CVS Pass-Through Trust, Series 2014, 4.163%, 8/11/2036, 144A		75,483
	5,000	Encompass Health Corp., 4.750%, 2/01/2030		4,113
	165,000	HCA, Inc., 4.125%, 6/15/2029		144,703
	25,000	Tenet Healthcare Corp., 4.625%, 6/15/2028, 144A		21,849
	10,000	Tenet Healthcare Corp., 6.125%, 10/01/2028, 144A		8,761
				337,297
		Home Construction — 0.5%
	75,000	MDC Holdings, Inc., 3.966%, 8/06/2061		39,584
	70,000	PulteGroup, Inc., 6.000%, 2/15/2035		62,958
				102,542
		Independent Energy — 3.1%
	150,000	Aker BP ASA, 4.000%, 1/15/2031, 144A		127,290
	80,000	Continental Resources, Inc., 2.875%, 4/01/2032, 144A		58,584
	100,000	Continental Resources, Inc., 5.750%, 1/15/2031, 144A		90,386
	20,000	Diamondback Energy, Inc., 3.125%, 3/24/2031		16,223
	25,000	Energean Israel Finance Ltd., 5.375%, 3/30/2028, 144A		21,187
	40,000	Energean Israel Finance Ltd., 5.875%, 3/30/2031, 144A		32,700
	10,000	EQT Corp., 3.125%, 5/15/2026, 144A		9,107
	30,000	EQT Corp., 3.625%, 5/15/2031, 144A		25,010
	40,000	EQT Corp., 3.900%, 10/01/2027		36,400
	10,000	EQT Corp., 5.000%, 1/15/2029		9,330
	10,000	EQT Corp., 5.678%, 10/01/2025		9,938
	10,000	EQT Corp., 5.700%, 4/01/2028		9,803
	55,000	Hess Corp., 4.300%, 4/01/2027		51,740

See accompanying notes to financial statements.

|  46

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Credit Income Fund – (continued)

Principal Amount		Description	Value (†)
		Independent Energy — continued
$	30,000	Occidental Petroleum Corp., 5.550%, 3/15/2026	$	30,034
	5,000	Occidental Petroleum Corp., 8.875%, 7/15/2030		5,567
	45,000	Ovintiv Exploration, Inc., 5.375%, 1/01/2026		44,507
	50,000	Ovintiv, Inc., 6.500%, 8/15/2034		48,709
	5,000	Southwestern Energy Co., 4.750%, 2/01/2032		4,191
				630,706
		Industrial Other — 0.1%
	20,000	TopBuild Corp., 4.125%, 2/15/2032, 144A		15,230
		Leisure — 0.7%
	40,000	Carnival Corp., 5.750%, 3/01/2027, 144A		28,022
	30,000	Carnival Corp., 6.000%, 5/01/2029, 144A		19,697
	30,000	NCL Corp. Ltd., 5.875%, 3/15/2026, 144A		22,822
	25,000	NCL Corp. Ltd., 5.875%, 2/15/2027, 144A		20,816
	10,000	NCL Finance Ltd., 6.125%, 3/15/2028, 144A		7,375
	60,000	Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A		42,038
				140,770
		Life Insurance — 1.1%
	50,000	Athene Global Funding, 1.608%, 6/29/2026, 144A		42,520
	55,000	Athene Global Funding, 1.716%, 1/07/2025, 144A		50,275
	95,000	Athene Global Funding, 2.550%, 11/19/2030, 144A		72,478
	30,000	Athene Holding Ltd., 3.500%, 1/15/2031		24,026
	30,000	CNO Financial Group, Inc., 5.250%, 5/30/2029		27,890
				217,189
		Lodging — 1.3%
	60,000	Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032, 144A		45,954
	40,000	Hilton Domestic Operating Co., Inc., 4.000%, 5/01/2031, 144A		32,359
	10,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 4.875%, 7/01/2031, 144A		7,636
	25,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 5.000%, 6/01/2029, 144A		20,177
	5,000	Hyatt Hotels Corp., 5.625%, 4/23/2025		4,944
	3,000	Marriott International, Inc., Series EE, 5.750%, 5/01/2025		3,030
	25,000	Marriott International, Inc., Series FF, 4.625%, 6/15/2030		22,592
	20,000	Marriott International, Inc., Series HH, 2.850%, 4/15/2031		15,703
	20,000	Marriott Ownership Resorts, Inc., 4.500%, 6/15/2029, 144A		15,806
	45,000	Travel & Leisure Co., 4.500%, 12/01/2029, 144A		34,893
	75,000	Travel & Leisure Co., 4.625%, 3/01/2030, 144A		59,283
				262,377
		Media Entertainment — 1.7%
	85,000	iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A		70,847
	75,000	iHeartCommunications, Inc., 5.250%, 8/15/2027, 144A		64,069
	20,000	iHeartCommunications, Inc., 8.375%, 5/01/2027		16,818
	10,000	Netflix, Inc., 4.875%, 4/15/2028		9,359
	135,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		123,368
	5,000	Netflix, Inc., 5.375%, 11/15/2029, 144A		4,700
	5,000	Netflix, Inc., 5.875%, 11/15/2028		4,879
	15,000	Netflix, Inc., 6.375%, 5/15/2029		14,892
	15,000	Warnermedia Holdings, Inc., 4.054%, 3/15/2029, 144A		12,974
	25,000	Warnermedia Holdings, Inc., 4.279%, 3/15/2032, 144A		20,584
				342,490
		Metals & Mining — 3.5%
	200,000	Anglo American Capital PLC, 4.500%, 3/15/2028, 144A		182,994
		Metals & Mining — continued
	35,000	ArcelorMittal S.A., 7.000%, 10/15/2039		32,902
	25,000	ATI, Inc., 5.875%, 12/01/2027		22,759
	200,000	First Quantum Minerals Ltd., 6.875%, 10/15/2027, 144A		180,000
	45,000	FMG Resources August 2006 Pty Ltd., 4.375%, 4/01/2031, 144A		34,545
	15,000	Freeport-McMoRan, Inc., 4.250%, 3/01/2030		12,827
	50,000	Freeport-McMoRan, Inc., 4.625%, 8/01/2030		43,811
	40,000	Freeport-McMoRan, Inc., 5.400%, 11/14/2034		35,552
	135,000	Glencore Funding LLC, 3.875%, 10/27/2027, 144A		122,220
	20,000	Glencore Funding LLC, 4.000%, 3/27/2027, 144A		18,630
	35,000	Novelis Corp., 4.750%, 1/30/2030, 144A		28,700
	10,000	Volcan Cia Minera SAA, 4.375%, 2/11/2026, 144A		8,250
				723,190
		Midstream — 2.5%
	115,000	Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/2027		111,345
	55,000	DCP Midstream Operating LP, 3.250%, 2/15/2032		43,478
	10,000	DCP Midstream Operating LP, 5.125%, 5/15/2029		9,370
	55,000	Energy Transfer LP, 4.000%, 10/01/2027		49,880
	30,000	EnLink Midstream Partners LP, 5.450%, 6/01/2047		21,914
	35,000	EQM Midstream Partners LP, Series 10Y, 5.500%, 7/15/2028		29,916
	15,000	Hess Midstream Operations LP, 4.250%, 2/15/2030, 144A		12,112
	15,000	Hess Midstream Operations LP, 5.625%, 2/15/2026, 144A		14,239
	80,000	NGPL PipeCo LLC, 4.875%, 8/15/2027, 144A		74,487
	15,000	Plains All American Pipeline LP/PAA Finance Corp., 3.800%, 9/15/2030		12,578
	35,000	Plains All American Pipeline LP/PAA Finance Corp., 4.300%, 1/31/2043		23,540
	15,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.000%, 1/15/2032		12,398
	5,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.875%, 2/01/2031		4,300
	60,000	Valero Energy Partners LP, 4.500%, 3/15/2028		56,924
	10,000	Western Midstream Operating LP, 4.300%, 2/01/2030		8,553
	20,000	Western Midstream Operating LP, 5.300%, 3/01/2048		16,450
	5,000	Western Midstream Operating LP, 5.450%, 4/01/2044		4,102
	10,000	Western Midstream Operating LP, 5.500%, 2/01/2050		8,075
				513,661
		Paper — 0.2%
	45,000	Suzano Austria GmbH, 3.750%, 1/15/2031		35,255
		Pharmaceuticals — 1.6%
	10,000	Bausch Health Cos., Inc., 4.875%, 6/01/2028, 144A		6,447
	65,000	Bausch Health Cos., Inc., 5.000%, 1/30/2028, 144A		23,934
	10,000	Bausch Health Cos., Inc., 5.250%, 1/30/2030, 144A		3,735
	50,000	Bausch Health Cos., Inc., 5.250%, 2/15/2031, 144A		18,802
	5,000	Bausch Health Cos., Inc., 6.250%, 2/15/2029, 144A		1,866
	5,000	Bausch Health Cos., Inc., 7.000%, 1/15/2028, 144A		1,905
	50,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036		41,179
	85,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		69,742
	250,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		149,395
				317,005
		Property & Casualty Insurance — 1.1%
	175,000	Fidelity National Financial, Inc., 2.450%, 3/15/2031		129,768
	65,000	Sirius International Group Ltd., 4.600%, 11/01/2026, 144A		55,900

See accompanying notes to financial statements.

47  |

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Credit Income Fund – (continued)

Principal Amount		Description	Value (†)
		Property & Casualty Insurance — continued
$	55,000	Stewart Information Services Corp., 3.600%, 11/15/2031	$	42,393
				228,061
		REITs – Apartments — 0.0%
	10,000	American Homes 4 Rent, 2.375%, 7/15/2031		7,540
		REITs – Diversified — 0.1%
	15,000	EPR Properties, 3.600%, 11/15/2031		10,717
		REITs – Mortgage — 0.1%
	15,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.250%, 2/01/2027, 144A		12,078
		REITs – Office Property — 0.0%
	10,000	Corporate Office Properties LP, 2.750%, 4/15/2031		7,352
		REITs – Shopping Centers — 0.8%
	115,000	Brixmor Operating Partnership LP, 4.050%, 7/01/2030		96,881
	75,000	SITE Centers Corp., 3.625%, 2/01/2025		70,894
				167,775
		Restaurants — 0.7%
	125,000	1011778 B.C. ULC/New Red Finance, Inc., 4.375%, 1/15/2028, 144A		108,313
	45,000	Yum! Brands, Inc., 4.625%, 1/31/2032		37,718
				146,031
		Retailers — 0.1%
	20,000	Lithia Motors, Inc., 3.875%, 6/01/2029, 144A		16,050
	10,000	Tapestry, Inc., 3.050%, 3/15/2032		7,461
				23,511
		Technology — 6.0%
	60,000	Avnet, Inc., 4.625%, 4/15/2026		57,744
	10,000	Broadcom, Inc., 3.137%, 11/15/2035, 144A		7,007
	30,000	Broadcom, Inc., 4.150%, 11/15/2030		25,966
	55,000	Broadcom, Inc., 4.300%, 11/15/2032		46,180
	10,000	CDW LLC/CDW Finance Corp., 2.670%, 12/01/2026		8,674
	10,000	CDW LLC/CDW Finance Corp., 3.250%, 2/15/2029		8,121
	90,000	CDW LLC/CDW Finance Corp., 3.569%, 12/01/2031		70,072
	130,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		98,150
	60,000	CommScope, Inc., 4.750%, 9/01/2029, 144A		48,940
	65,000	Entegris Escrow Corp., 4.750%, 4/15/2029, 144A		57,254
	5,000	Everi Holdings, Inc., 5.000%, 7/15/2029, 144A		4,100
	25,000	Fidelity National Information Services, Inc., 5.100%, 7/15/2032		23,492
	5,000	Gartner, Inc., 3.625%, 6/15/2029, 144A		4,162
	5,000	Global Payments, Inc., 2.900%, 11/15/2031		3,823
	15,000	Global Payments, Inc., 5.300%, 8/15/2029		14,107
	25,000	Global Payments, Inc., 5.400%, 8/15/2032		23,199
	60,000	Iron Mountain, Inc., 5.250%, 7/15/2030, 144A		49,648
	35,000	Jabil, Inc., 1.700%, 4/15/2026		30,406
	30,000	Marvell Technology, Inc., 2.450%, 4/15/2028		24,781
	25,000	Marvell Technology, Inc., 2.950%, 4/15/2031		19,394
	265,000	Micron Technology, Inc., 4.663%, 2/15/2030		235,112
	25,000	MSCI, Inc., 3.250%, 8/15/2033, 144A		19,306
	5,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 4.400%, 6/01/2027		4,716
	60,000	Open Text Holdings, Inc., 4.125%, 2/15/2030, 144A		47,917
	60,000	Oracle Corp., 3.950%, 3/25/2051		39,792
	60,000	Qorvo, Inc., 3.375%, 4/01/2031, 144A		44,949
	55,000	S&P Global, Inc., 4.250%, 5/01/2029, 144A		51,716
	5,000	Seagate HDD Cayman, 4.091%, 6/01/2029		3,994
	60,000	TD SYNNEX Corp., 1.750%, 8/09/2026		50,995
	35,000	Verisk Analytics, Inc., 4.125%, 3/15/2029		31,927
	45,000	Western Digital Corp., 2.850%, 2/01/2029		34,971
		Technology — continued
	5,000	Western Digital Corp., 3.100%, 2/01/2032		3,399
	30,000	Western Digital Corp., 4.750%, 2/15/2026		27,779
				1,221,793
		Treasuries — 18.9%
	135,000	U.S. Treasury Bond, 1.125%, 8/15/2040		83,626
	255,000	U.S. Treasury Bond, 1.875%, 2/15/2051		168,818
	155,000	U.S. Treasury Bond, 2.250%, 2/15/2052		112,617
	415,000	U.S. Treasury Bond, 3.250%, 5/15/2042		368,313
	1,400,000	U.S. Treasury Note, 0.125%, 1/31/2023		1,383,790
	780,000	U.S. Treasury Note, 0.125%, 4/30/2023		762,542
	805,000	U.S. Treasury Note, 0.250%, 9/30/2023		773,177
	230,000	U.S. Treasury Note, 1.500%, 2/29/2024(b)		221,177
				3,874,060
		Wireless — 2.5%
	80,000	Crown Castle, Inc., 2.500%, 7/15/2031		61,647
	70,000	SBA Communications Corp., 3.125%, 2/01/2029		56,299
	130,000	T-Mobile USA, Inc., 3.375%, 4/15/2029		112,318
	65,000	T-Mobile USA, Inc., 3.500%, 4/15/2031		54,620
	265,000	T-Mobile USA, Inc., 3.875%, 4/15/2030		235,059
				519,943
		Total Non-Convertible Bonds (Identified Cost $21,251,716)		17,613,998
	Convertible Bonds — 5.2%
		Airlines — 0.5%
	20,000	JetBlue Airways Corp., 0.500%, 4/01/2026		14,200
	85,000	Southwest Airlines Co., 1.250%, 5/01/2025		97,027
				111,227
		Cable Satellite — 1.3%
	40,000	DISH Network Corp., Zero Coupon, 0.000%-8.380%, 12/15/2025(c)		26,326
	350,000	DISH Network Corp., 3.375%, 8/15/2026		240,800
				267,126
		Consumer Cyclical Services — 0.3%
	5,000	Peloton Interactive, Inc., Zero Coupon, 0.798%, 2/15/2026(d)		3,349
	65,000	Uber Technologies, Inc., Zero Coupon, 0.000%-5.152%, 12/15/2025(c)		53,870
				57,219
		Gaming — 0.1%
	10,000	Penn Entertainment, Inc., 2.750%, 5/15/2026		13,995
		Healthcare — 0.5%
	140,000	Teladoc Health, Inc., 1.250%, 6/01/2027		102,382
		Leisure — 0.2%
	60,000	NCL Corp. Ltd., 1.125%, 2/15/2027, 144A		37,174
		Media Entertainment — 0.3%
	30,000	Bilibili, Inc., 0.500%, 12/01/2026, 144A		19,050
	30,000	Snap, Inc., Zero Coupon, 6.709%-6.954%, 5/01/2027(c)		20,685
	25,000	Spotify USA, Inc., Zero Coupon, 5.189%-5.777%, 3/15/2026(c)		19,625
	10,000	Twitter, Inc., Zero Coupon, 0.000%, 3/15/2026(d)		9,154
				68,514
		Pharmaceuticals — 1.5%
	240,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027		238,344
	15,000	Guardant Health, Inc., Zero Coupon, 0.000%, 11/15/2027(d)		10,916
	25,000	Ionis Pharmaceuticals, Inc., Zero Coupon, 0.000%, 4/01/2026(d)		24,703

See accompanying notes to financial statements.

|  48

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Credit Income Fund – (continued)

Principal Amount		Description	Value (†)
		Pharmaceuticals — continued
$	40,000	Livongo Health, Inc., 0.875%, 6/01/2025	$	33,581
				307,544
		Technology — 0.5%
	25,000	Nutanix, Inc., 0.250%, 10/01/2027, 144A		18,800
	20,000	RingCentral, Inc., Zero Coupon, 7.630%-7.929%, 3/15/2026(c)		15,380
	60,000	Splunk, Inc., 1.125%, 6/15/2027		47,207
	25,000	Unity Software, Inc., Zero Coupon, 7.085%-7.253%, 11/15/2026, 144A(c)		18,125
				99,512
		Total Convertible Bonds (Identified Cost $1,351,346)		1,064,693
		Total Bonds and Notes (Identified Cost $22,603,062)		18,678,691
	Collateralized Loan Obligations — 3.2%
	250,000	AIMCO CLO Ltd., Series 2021-14A, Class D, 3-month LIBOR + 2.900%, 5.610%, 4/20/2034, 144A(e)		218,471
	250,000	Fillmore Park CLO Ltd., Series 2018-1A, Class D, 3-month LIBOR + 2.900%, 5.412%, 7/15/2030, 144A(e)		221,869
	250,000	Recette CLO Ltd., Series 2015-1A, Class DRR, 3-month LIBOR + 3.250%, 5.960%, 4/20/2034, 144A(e)		214,369
		Total Collateralized Loan Obligations (Identified Cost $750,000)		654,709
Shares		Description	Value (†)
	Preferred Stocks — 2.5%
	Convertible Preferred Stocks — 2.5%
		Banking — 1.0%
	97	Bank of America Corp., Series L, 7.250%		113,781
	83	Wells Fargo & Co., Class A, Series L, 7.500%		99,932
				213,713
		Technology — 0.1%
	273	Clarivate PLC, Series A, 5.250%		11,641
		Wireless — 1.4%
	250	2020 Cash Mandatory Exchangeable Trust, 5.250%, 144A		281,225
		Total Convertible Preferred Stocks (Identified Cost $591,279)		506,579
		Total Preferred Stocks (Identified Cost $591,279)		506,579
Principal Amount		Description	Value (†)
	Short-Term Investments — 2.4%
$	494,084	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2022 at 1.100% to be repurchased at $494,130 on 10/03/2022 collateralized by $520,900 U.S. Treasury Note, 3.000% due 7/15/2025 valued at $503,971 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $494,084)		494,084
		Total Investments — 99.4% (Identified Cost $24,438,425)		20,334,063
		Other assets less liabilities — 0.6%		117,338
		Net Assets — 100.0%	$	20,451,401

(†)	See Note 2 of Notes to Financial Statements.
(a)	Perpetual bond with no specified maturity date.
(b)	Security (or a portion thereof) has been pledged as collateral for open derivative contracts.
(c)	Interest rate represents annualized yield at time of purchase; not a coupon rate. The Fund’s investment in this security is comprised of various lots with differing annualized yields.
(d)	Interest rate represents annualized yield at time of purchase; not a coupon rate.
(e)	Variable rate security. Rate as of September 30, 2022 is disclosed.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2022, the value of Rule 144A holdings amounted to $6,579,962 or 32.2% of net assets.
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
REITs	Real Estate Investment Trusts

At September 30, 2022, open long futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra Long U.S. Treasury Bond		12/20/2022		4	$	597,579	$	548,000	$	(49,579	)

At September 30, 2022, open short futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra 10 Year U.S. Treasury Note		12/20/2022		4	$	501,867	$	473,938	$	27,929

See accompanying notes to financial statements.

49  |

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Credit Income Fund – (continued)

Industry Summary at September 30, 2022

Treasuries	18.9	%
Banking	11.7
Finance Companies	7.0
Cable Satellite	6.6
Technology	6.6
Wireless	3.9
Metals & Mining	3.5
Independent Energy	3.1
Pharmaceuticals	3.1
Aerospace & Defense	3.0
Consumer Cyclical Services	2.8
Midstream	2.5
Healthcare	2.1
Media Entertainment	2.0
Other Investments, less than 2% each	17.0
Collateralized Loan Obligations	3.2
Short-Term Investments	2.4
Total Investments	99.4
Other assets less liabilities (including futures contracts)	0.6
Net Assets	100.0	%

See accompanying notes to financial statements.

|  50

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Global Allocation Fund

Shares		Description	Value (†)
	Common Stocks — 66.3% of Net Assets
		France — 4.3%
	532,281	Dassault Systemes SE	$	18,377,031
	115,002	LVMH Moet Hennessy Louis Vuitton SE		67,802,267
	494,321	Vinci S.A.		39,971,151
				126,150,449
		Hong Kong — 0.6%
	2,056,000	AIA Group Ltd.		17,118,056
		Japan — 1.9%
	2,341,961	Nomura Research Institute Ltd.		57,198,252
		Netherlands — 2.6%
	187,791	ASML Holding NV		77,797,832
		Sweden — 2.0%
	6,233,713	Atlas Copco AB, Class A		57,938,355
		Taiwan — 1.6%
	3,629,000	Taiwan Semiconductor Manufacturing Co. Ltd.		48,103,814
		United Kingdom — 3.3%
	702,473	Halma PLC		15,800,275
	306,888	Linde PLC		82,733,936
				98,534,211
		United States — 50.0%
	312,680	Accenture PLC, Class A		80,452,564
	103,120	Adobe, Inc.(a)		28,378,624
	761,682	Airbnb, Inc., Class A(a)		80,007,077
	903,258	Alphabet, Inc., Class A(a)		86,396,628
	819,011	Amazon.com, Inc.(a)		92,548,243
	69,231	BlackRock, Inc.		38,096,435
	142,577	Costco Wholesale Corp.		67,334,840
	400,130	Cummins, Inc.		81,430,456
	349,214	Danaher Corp.		90,198,484
	197,931	Estee Lauder Cos., Inc. (The), Class A		42,733,303
	238,592	Goldman Sachs Group, Inc. (The)		69,919,386
	262,913	Home Depot, Inc. (The)		72,548,213
	353,833	IQVIA Holdings, Inc.(a)		64,093,310
	410,800	JPMorgan Chase & Co.		42,928,600
	270,013	Mastercard, Inc., Class A		76,775,496
	42,027	Mettler-Toledo International, Inc.(a)		45,562,311
	387,486	NVIDIA Corp.		47,036,926
	141,807	Roper Technologies, Inc.		50,999,469
	279,853	S&P Global, Inc.		85,453,114
	559,679	Salesforce, Inc.(a)		80,504,227
	219,541	Sherwin-Williams Co. (The)		44,951,020
	205,084	Texas Instruments, Inc.		31,742,901
	156,680	UnitedHealth Group, Inc.		79,129,667
				1,479,221,294
		Total Common Stocks (Identified Cost $2,033,832,951)		1,962,062,263
Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 32.3%
	Non-Convertible Bonds — 29.6%
		Australia — 0.9%
$	3,010,000	Australia Government Bond, Series 133, 5.500%, 4/21/2023, (AUD)		1,949,294
	10,700,000	Australia Government Bond, Series 164, 0.500%, 9/21/2026, (AUD)		6,052,830
	800,000	FMG Resources August 2006 Pty Ltd., 4.375%, 4/01/2031, 144A		614,126
		Australia — continued
	670,000	GAIF Bond Issuer Pty Ltd., 3.400%, 9/30/2026, 144A		621,650
	3,560,000	Glencore Funding LLC, 1.625%, 9/01/2025, 144A		3,194,103
	5,000,000	Macquarie Group Ltd., (fixed rate to 1/14/2032, variable rate thereafter), 2.871%, 1/14/2033, 144A		3,757,204
	4,000,000	Macquarie Group Ltd., (fixed rate to 9/23/2026, variable rate thereafter), 1.629%, 9/23/2027, 144A		3,347,807
	11,610,000	New South Wales Treasury Corp., 2.000%, 3/08/2033, (AUD)		5,836,720
	95,000	Sydney Airport Finance Co. Pty Ltd., 3.375%, 4/30/2025, 144A		89,102
	1,370,000	Westpac Banking Corp., 1.953%, 11/20/2028		1,138,841
				26,601,677
		Belgium — 0.1%
	2,745,000	Anheuser-Busch InBev S.A., EMTN, 2.000%, 1/23/2035, (EUR)		2,092,833
		Brazil — 0.8%
	1,035,000	Braskem Netherlands Finance BV, 4.500%, 1/10/2028		876,635
	1,785,000	Braskem Netherlands Finance BV, 4.500%, 1/31/2030		1,442,637
	53,329(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2031, (BRL)		8,924,555
	2,685,000	Brazilian Government International Bond, 4.500%, 5/30/2029		2,386,054
	1,085,000	Brazilian Government International Bond, 4.625%, 1/13/2028		1,006,858
	2,980,000	BRF S.A., 4.875%, 1/24/2030		2,343,659
	650,000	Centrais Eletricas Brasileiras S.A., 4.625%, 2/04/2030, 144A		542,594
	1,100,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025		1,046,375
	575,000	Raizen Fuels Finance S.A., 5.300%, 1/20/2027, 144A		546,250
	2,515,000	Suzano Austria GmbH, 2.500%, 9/15/2028		1,967,082
	1,185,000	Suzano Austria GmbH, 3.125%, 1/15/2032		852,844
	550,000	Suzano Austria GmbH, 3.750%, 1/15/2031		430,897
				22,366,440
		Canada — 1.5%
	790,000	1011778 BC ULC/New Red Finance, Inc., 4.000%, 10/15/2030, 144A		622,188
	351,782	Air Canada Pass Through Trust, Series 2015-2, Class A, 4.125%, 6/15/2029, 144A		286,273
	711,704	Air Canada Pass Through Trust, Series 2017-1, Class AA, 3.300%, 7/15/2031, 144A		609,261
	505,000	Antares Holdings LP, 3.750%, 7/15/2027, 144A		407,679
	1,210,000	Antares Holdings LP, 3.950%, 7/15/2026, 144A		1,034,554
	1,010,000	Antares Holdings LP, 6.000%, 8/15/2023, 144A		999,591
	2,835,000	Bell Telephone Co. of Canada/Bell Canada (The), MTN, 3.600%, 9/29/2027, (CAD)		1,921,401
	1,735,000	Brookfield Finance I UK PLC, 2.340%, 1/30/2032		1,297,547
	1,015,000	Brookfield Finance, Inc., 3.900%, 1/25/2028		913,892

See accompanying notes to financial statements.

51  |

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Canada — continued
	2,715,000	Brookfield Renewable Partners ULC, MTN, 4.250%, 1/15/2029, (CAD)	$	1,878,143
	1,220,000	Canada Housing Trust No. 1, 1.550%, 12/15/2026, 144A, (CAD)		811,373
	1,920,000	Canadian Government Bond, 2.000%, 9/01/2023, (CAD)		1,365,621
	2,465,000	Canadian Pacific Railway Co., 1.750%, 12/02/2026		2,158,419
	800,000	CPPIB Capital, Inc., 0.375%, 6/20/2024, 144A, (EUR)		753,643
	4,695,000	Enbridge Gas, Inc., MTN, 2.900%, 4/01/2030, (CAD)		3,019,095
	4,770,000	Enbridge, Inc., MTN, 2.990%, 10/03/2029, (CAD)		2,987,763
	2,965,000	Federation des Caisses Desjardins du Quebec, (fixed rate to 5/26/2025, variable rate thereafter), 2.856%, 5/26/2030, (CAD)		1,999,462
	169,807	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A2, 2.616%, 7/12/2047, 144A, (CAD)		120,486
	4,670,000	Ontario Power Generation, Inc., MTN, 2.977%, 9/13/2029, (CAD)		3,025,772
	5,000,000	Province of British Columbia Canada, Series 10, 1.750%, 9/27/2024		4,748,698
	2,355,000	Province of Quebec Canada, 2.300%, 9/01/2029, (CAD)		1,546,251
	2,960,000	Shaw Communications, Inc., 3.300%, 12/10/2029, (CAD)		1,870,049
	7,170,000	Toronto-Dominion Bank (The), 1.950%, 1/12/2027		6,238,049
	1,675,000	Toronto-Dominion Bank (The), MTN, 1.150%, 6/12/2025		1,505,358
	1,580,000	Videotron Ltd., 5.125%, 4/15/2027, 144A		1,450,195
				43,570,763
		Chile — 0.6%
	575,000	Antofagasta PLC, 2.375%, 10/14/2030		429,755
	975,000	Antofagasta PLC, 5.625%, 5/13/2032		900,656
	715,000	Banco de Chile, 2.990%, 12/09/2031, 144A		557,521
	2,525,000	Banco Santander Chile, 3.177%, 10/26/2031, 144A		2,026,338
	950,000	Celulosa Arauco y Constitucion S.A., 4.500%, 8/01/2024		925,547
	1,500,000	Chile Government International Bond, 2.450%, 1/31/2031		1,199,883
	1,005,000	Chile Government International Bond, 2.550%, 1/27/2032		788,301
	2,580,000	Colbun S.A., 3.150%, 3/06/2030		2,034,699
	1,960,000	Corp. Nacional del Cobre de Chile, 3.000%, 9/30/2029, 144A		1,641,029
	2,075,000	Corp. Nacional del Cobre de Chile, 3.750%, 1/15/2031		1,766,178
	570,000	Corp. Nacional del Cobre de Chile, 3.750%, 1/15/2031, 144A		485,167
	595,000	Empresa Nacional de Telecomunicaciones S.A., 3.050%, 9/14/2032, 144A		437,325
	1,980,000	Empresa Nacional del Petroleo, 3.450%, 9/16/2031, 144A		1,552,736
	525,000	Enel Chile S.A., 4.875%, 6/12/2028		485,868
	2,690,000	Engie Energia Chile S.A., 3.400%, 1/28/2030		2,025,790
	800,000	Inversiones CMPC S.A., 4.375%, 5/15/2023, 144A		794,170
		Chile — continued
	1,120,000	Transelec S.A., 4.250%, 1/14/2025, 144A		1,086,400
				19,137,363
		China — 0.3%
	920,000	Alibaba Group Holding Ltd., 3.400%, 12/06/2027		827,848
	795,000	Baidu, Inc., 3.875%, 9/29/2023		785,762
	2,600,000	Country Garden Holdings Co. Ltd., 2.700%, 7/12/2026		824,512
	2,800,000	Country Garden Holdings Co. Ltd., 3.300%, 1/12/2031		785,848
	2,435,000	Country Garden Holdings Co. Ltd., 8.000%, 1/27/2024		1,075,101
	905,000	Industrial & Commercial Bank of China Ltd., 2.957%, 11/08/2022		903,697
	2,750,000	Shimao Group Holdings Ltd., 3.450%, 1/11/2031(b)		311,850
	2,750,000	Sunac China Holdings Ltd., 5.950%, 4/26/2024(b)		387,887
	625,000	Tencent Holdings Ltd., 2.880%, 4/22/2031, 144A		505,150
	500,000	Tencent Holdings Ltd., 2.985%, 1/19/2023, 144A		498,329
	1,175,000	Tencent Holdings Ltd., 3.280%, 4/11/2024, 144A		1,145,180
	1,270,000	Weibo Corp., 3.500%, 7/05/2024		1,214,246
				9,265,410
		Colombia — 0.4%
	1,395,000	Colombia Government International Bond, 3.125%, 4/15/2031		967,312
	2,536,000	Ecopetrol S.A., 5.875%, 5/28/2045		1,535,320
	1,300,000	Empresas Publicas de Medellin ESP, 4.250%, 7/18/2029, 144A		942,916
	1,026,000	Millicom International Cellular S.A., 6.250%, 3/25/2029, 144A		870,315
	1,035,000	Millicom International Cellular S.A., 6.625%, 10/15/2026		947,025
	575,000	Republic of Colombia, 3.875%, 4/25/2027		487,536
	7,073,300,000	Republic of Colombia, Series B, 6.250%, 11/26/2025, (COP)		1,305,642
	29,559,900,000	Titulos De Tesoreria, Series B, 7.500%, 8/26/2026, (COP)		5,479,577
	870,000	Transportadora de Gas Internacional S.A. E.S.P., 5.550%, 11/01/2028, 144A		777,354
				13,312,997
		Czech — 0.1%
	1,525,000	CEZ A/S, EMTN, 0.875%, 12/02/2026, (EUR)		1,284,570
	1,120,000	CEZ A/S, EMTN, 3.000%, 6/05/2028, (EUR)		980,866
				2,265,436
		Denmark — 0.1%
	2,055,000	Orsted A/S, EMTN, 2.125%, 5/17/2027, (GBP)		1,924,869
		Dominican Republic — 0.1%
	2,160,000	Dominican Republic, 4.500%, 1/30/2030, 144A		1,697,472
	1,155,000	Dominican Republic, 4.875%, 9/23/2032, 144A		868,342
	590,000	Dominican Republic, 5.950%, 1/25/2027, 144A		551,833
	995,000	Dominican Republic, 6.000%, 7/19/2028, 144A		904,962

See accompanying notes to financial statements.

|  52

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Dominican Republic — continued
$	425,000	Dominican Republic, 8.625%, 4/20/2027, 144A	$	429,194
				4,451,803
		Ecuador — 0.1%
	4,275,000	Ecuador Government International Bond, 5.500%, 7/31/2030		2,012,740
		Finland — 0.2%
	3,575,000	Nordea Bank Abp, 0.750%, 8/28/2025, 144A		3,154,231
	1,925,000	Nordea Bank Abp, 3.600%, 6/06/2025, 144A		1,845,016
				4,999,247
		France — 0.3%
	205,000	BNP Paribas S.A., 4.375%, 5/12/2026, 144A		193,276
	890,000	BNP Paribas S.A., (fixed rate to 6/09/2025, variable rate thereafter), 2.219%, 6/09/2026, 144A		800,238
	250,000	Credit Agricole S.A., 3.250%, 10/04/2024, 144A		238,608
	4,500,000	Credit Agricole S.A., (fixed rate to 1/26/2026, variable rate thereafter), 1.247%, 1/26/2027, 144A		3,831,068
	1,300,000	Edenred, 1.875%, 3/06/2026, (EUR)		1,217,896
	1,400,000	Engie S.A., 1.250%, 10/24/2041, (EUR)		774,306
	1,015,000	Societe Generale S.A., 4.750%, 11/24/2025, 144A		959,584
				8,014,976
		Germany — 0.3%
	1,635,000	Deutsche Bank AG, (fixed rate to 1/07/2027, variable rate thereafter), 2.552%, 1/07/2028		1,327,359
	305,000	Deutsche Bank AG, (fixed rate to 10/07/2031, variable rate thereafter), 3.742%, 1/07/2033		197,708
	2,255,000	Deutsche Bank AG, (fixed rate to 10/14/2030, variable rate thereafter), 3.729%, 1/14/2032		1,518,624
	3,220,000	Fraport AG Frankfurt Airport Services Worldwide, 1.875%, 3/31/2028, (EUR)		2,651,313
	3,790,000	Kreditanstalt fuer Wiederaufbau, EMTN, 1.250%, 8/28/2023, (NOK)		341,632
	1,450,000	Siemens Financieringsmaatschappij NV, 2.350%, 10/15/2026, 144A		1,301,604
	490,000	Volkswagen Group of America Finance LLC, 1.625%, 11/24/2027, 144A		398,312
	730,000	Volkswagen Group of America Finance LLC, 4.350%, 6/08/2027, 144A		685,657
				8,422,209
		Guatemala — 0.0%
	1,050,000	CT Trust, 5.125%, 2/03/2032, 144A		790,388
		Hong Kong — 0.1%
	355,000	AIA Group Ltd., 3.200%, 3/11/2025, 144A		341,186
	1,405,000	AIA Group Ltd., 3.600%, 4/09/2029		1,283,540
	1,135,000	AIA Group Ltd., 3.900%, 4/06/2028, 144A		1,063,472
				2,688,198
		India — 0.4%
	1,195,000	Adani Ports & Special Economic Zone Ltd., 3.100%, 2/02/2031, 144A		862,886
		India — continued
	2,480,000	Adani Ports & Special Economic Zone Ltd., 4.200%, 8/04/2027		2,170,708
	2,940,000	Bharti Airtel Ltd., 3.250%, 6/03/2031		2,365,112
	2,790,000	Export-Import Bank of India, 2.250%, 1/13/2031, 144A		2,092,049
	1,250,000	Power Finance Corp. Ltd., 3.950%, 4/23/2030, 144A		1,050,212
	2,400,000	Shriram Transport Finance Co. Ltd., 4.150%, 7/18/2025, 144A		2,130,269
	2,420,000	Shriram Transport Finance Co. Ltd., 4.400%, 3/13/2024		2,250,600
				12,921,836
		Indonesia — 0.3%
	300,000	Indonesia Government International Bond, 4.125%, 1/15/2025, 144A		293,977
	50,092,000,000	Indonesia Treasury Bond, Series FR75, 7.500%, 5/15/2038, (IDR)		3,299,838
	43,840,000,000	Indonesia Treasury Bond, Series FR82, 7.000%, 9/15/2030, (IDR)		2,821,364
	1,475,000	Republic of Indonesia, 2.850%, 2/14/2030		1,257,452
				7,672,631
		Ireland — 0.3%
	645,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.000%, 10/29/2028		517,268
	3,245,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.300%, 1/30/2032		2,440,461
	1,250,000	Bank of Ireland Group PLC, 4.500%, 11/25/2023, 144A		1,227,450
	375,000	Ireland Government Bond, 3.400%, 3/18/2024, (EUR)		375,464
	3,710,000	Ireland Government Bond, Zero Coupon, 0.029%, 10/18/2031, (EUR)(c)		2,878,174
				7,438,817
		Israel — 0.9%
	10,950,000	State of Israel, 1.000%, 3/31/2030, (ILS)		2,593,569
	2,750,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036		2,264,857
	4,570,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		3,749,685
	20,421,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		12,203,201
	4,675,000	Teva Pharmaceutical Finance Netherlands III BV, 4.750%, 5/09/2027		3,970,524
	510,000	Teva Pharmaceutical Finance Netherlands III BV, 5.125%, 5/09/2029		420,730
				25,202,566
		Italy — 0.6%
	200,000	Intesa Sanpaolo SpA, 5.710%, 1/15/2026, 144A		181,903
	530,000	Intesa Sanpaolo SpA, EMTN, 3.928%, 9/15/2026, (EUR)		494,295
	6,965,000	Italy Buoni Poliennali Del Tesoro, 1.350%, 4/01/2030, (EUR)		5,628,760
	3,305,000	Italy Buoni Poliennali Del Tesoro, 2.000%, 2/01/2028, (EUR)		2,963,483
	1,975,000	Italy Government International Bond, 2.375%, 10/17/2024		1,850,306
	3,335,000	Republic of Italy, 2.500%, 11/15/2025, (EUR)		3,188,899

See accompanying notes to financial statements.

53  |

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Italy — continued
$	830,000	UniCredit SpA, (fixed rate to 4/02/2029, variable rate thereafter), 7.296%, 4/02/2034, 144A	$	704,409
	1,460,000	UniCredit SpA, (fixed rate to 6/19/2027, variable rate thereafter), 5.861%, 6/19/2032, 144A		1,210,428
	200,000	UniCredit SpA, (fixed rate to 6/30/2030, variable rate thereafter), 5.459%, 6/30/2035, 144A		148,708
				16,371,191
		Japan — 0.8%
	1,014,927,200(†††)	Japan Government CPI Linked Bond, Series 23, 0.100%, 3/10/2028, (JPY)		7,358,412
	2,375,000	Mitsubishi UFJ Financial Group, Inc., (fixed rate to 1/19/2027, variable rate thereafter), 2.341%, 1/19/2028		2,051,802
	3,000,000	Mitsubishi UFJ Financial Group, Inc., (fixed rate to 10/13/2026, variable rate thereafter), 1.640%, 10/13/2027		2,542,472
	2,020,000	Mizuho Financial Group, Inc., 2.564%, 9/13/2031		1,483,417
	2,000,000	Mizuho Financial Group, Inc., (fixed rate to 7/10/2023, variable rate thereafter), 1.241%, 7/10/2024		1,934,769
	2,000,000	Nomura Holdings, Inc., 1.851%, 7/16/2025		1,804,478
	2,385,000	Nomura Holdings, Inc., 2.710%, 1/22/2029		1,941,197
	3,050,000	Sumitomo Mitsui Financial Group, Inc., 1.402%, 9/17/2026		2,601,829
	1,445,000	Sumitomo Mitsui Financial Group, Inc., 3.040%, 7/16/2029		1,213,209
				22,931,585
		Korea — 0.8%
	765,000	Export-Import Bank of Korea, 3.000%, 11/01/2022		764,205
	1,650,000	Kia Corp., 1.750%, 10/16/2026, 144A		1,424,478
	1,060,000	Kia Corp., 2.750%, 2/14/2027, 144A		940,464
	1,515,000	Korea East-West Power Co. Ltd., 1.750%, 5/06/2025, 144A		1,391,982
	2,400,000	Korea National Oil Corp., 2.125%, 4/18/2027, 144A		2,096,208
	670,000	KT Corp., 2.500%, 7/18/2026, 144A		609,493
	1,180,000	LG Chem Ltd., 3.250%, 10/15/2024, 144A		1,135,408
	4,500,000,000	Republic of Korea, 0.875%, 12/10/2023, (KRW)		3,040,213
	4,500,000,000	Republic of Korea, 1.125%, 9/10/2025, (KRW)		2,876,809
	13,130,550,000	Republic of Korea, 1.500%, 12/10/2030, (KRW)		7,539,464
	770,000	Shinhan Bank Co. Ltd., 3.875%, 3/24/2026, 144A		727,334
	2,765,000	SK Hynix, Inc., 2.375%, 1/19/2031, 144A		2,044,472
	140,000	SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A		148,283
				24,738,813
		Luxembourg — 0.0%
	920,000	ArcelorMittal S.A., 6.750%, 3/01/2041		842,200
		Malaysia — 0.2%
	28,570,000	Malaysia Government Bond, 3.480%, 3/15/2023, (MYR)		6,179,745
		Mexico — 1.4%
	620,000	Alfa SAB de CV, 6.875%, 3/25/2044		539,383
		Mexico — continued
	770,000	America Movil SAB de CV, 2.125%, 3/10/2028, (EUR)		691,807
	860,000	America Movil SAB de CV, 2.875%, 5/07/2030		722,245
	10,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		492,068
	730,000	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 5.375%, 4/17/2025, 144A		709,750
	1,905,000	Cemex SAB de CV, 3.875%, 7/11/2031, 144A		1,501,099
	855,000	Cemex SAB de CV, 5.450%, 11/19/2029		764,156
	400,000	Cemex SAB de CV, 7.375%, 6/05/2027, 144A		396,000
	1,775,000	Coca-Cola Femsa SAB de CV, 2.750%, 1/22/2030		1,530,547
	800,000	Gruma SAB de CV, 4.875%, 12/01/2024		786,808
	10,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		304,446
	1,515,000	Kimberly-Clark de Mexico SAB de CV, 2.431%, 7/01/2031		1,210,243
	840,000	Kimberly-Clark de Mexico SAB de CV, 2.431%, 7/01/2031, 144A		671,026
	1,707,184(††††)	Mexican Fixed Rate Bonds, Series M, 5.750%, 3/05/2026, (MXN)		7,438,472
	1,294,043(††††)	Mexican Fixed Rate Bonds, Series M 20, 8.500%, 5/31/2029, (MXN)		6,064,098
	637,836(††††)	Mexican Fixed Rate Bonds, Series M 30, 8.500%, 11/18/2038, (MXN)		2,856,208
	724,558(††††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)		3,293,907
	2,665,000	Mexico Government International Bond, 3.250%, 4/16/2030		2,221,967
	1,880,000	Mexico Government International Bond, 3.500%, 2/12/2034		1,428,543
	196,000	Mexico Government International Bond, 4.000%, 3/15/2115, (EUR)		127,413
	810,000	Mexico Government International Bond, 4.875%, 5/19/2033		711,978
	1,850,000	Orbia Advance Corp. SAB de CV, 1.875%, 5/11/2026, 144A		1,555,184
	1,240,000	Orbia Advance Corp. SAB de CV, 4.000%, 10/04/2027		1,077,882
	3,505,000	Petroleos Mexicanos, 5.950%, 1/28/2031		2,367,277
	100,000	Sigma Alimentos S.A. de CV, 2.625%, 2/07/2024, 144A, (EUR)		94,724
	835,000	Sigma Alimentos S.A. de CV, 4.125%, 5/02/2026		751,082
	2,090,000	Sigma Finance Netherlands BV, 4.875%, 3/27/2028		1,871,031
	1,010,000	Unifin Financiera SAB de CV, 7.250%, 9/27/2023(a)		149,318
	2,195,000	Unifin Financiera SAB de CV, 9.875%, 1/28/2029(a)		274,375
				42,603,037
		Netherlands — 0.1%
	870,000	Cooperatieve Rabobank U.A., 4.375%, 8/04/2025		831,798
	1,725,000	ING Groep NV, (fixed rate to 7/01/2025, variable rate thereafter), 1.400%, 7/01/2026, 144A		1,523,149
				2,354,947

See accompanying notes to financial statements.

|  54

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		New Zealand — 0.6%
$	3,495,000	ANZ New Zealand International Ltd., 1.250%, 6/22/2026, 144A	$	3,032,564
	5,000,000	Fonterra Co-operative Group Ltd., MTN, 5.500%, 2/26/2024, (AUD)		3,233,035
	10,700,000	New Zealand Government Bond, 0.500%, 5/15/2024, (NZD)		5,641,415
	6,310,000	New Zealand Government Bond, 1.500%, 5/15/2031, (NZD)		2,832,176
	3,575,000	New Zealand Government Bond, 3.000%, 4/20/2029, (NZD)		1,858,596
				16,597,786
		Nigeria — 0.0%
	1,975,000	Nigeria Government International Bond, 6.125%, 9/28/2028, 144A		1,306,146
		Norway — 0.6%
	3,660,000	DNB Bank ASA, (fixed rate to 5/25/2026, variable rate thereafter), 1.535%, 5/25/2027, 144A		3,147,915
	2,790,000	Equinor ASA, 3.625%, 4/06/2040		2,231,932
	41,750,000	Norway Government Bond, 1.750%, 2/17/2027, 144A, (NOK)		3,608,257
	16,500,000	Norway Government Bond, Series 478, 1.500%, 2/19/2026, 144A, (NOK)		1,433,312
	36,610,000	Norway Government Bond, Series 480, 2.000%, 4/26/2028, 144A, (NOK)		3,156,022
	46,500,000	Norway Government Bond, Series 482, 1.375%, 8/19/2030, 144A, (NOK)		3,712,381
				17,289,819
		Panama — 0.0%
	1,485,000	Cable Onda S.A., 4.500%, 1/30/2030, 144A		1,169,054
		Paraguay — 0.1%
	1,420,000	Paraguay Government International Bond, 4.950%, 4/28/2031, 144A		1,263,365
	800,000	Republic of Paraguay, 5.000%, 4/15/2026, 144A		769,664
				2,033,029
		Peru — 0.2%
	3,220,000	Corp. Financiera de Desarrollo S.A., 2.400%, 9/28/2027, 144A		2,651,960
	2,005,000	Peruvian Government International Bond, 2.392%, 1/23/2026		1,818,187
	2,455,000	Peruvian Government International Bond, 3.000%, 1/15/2034		1,843,353
	1,050,000	Transportadora de Gas del Peru S.A., 4.250%, 4/30/2028, 144A		985,845
				7,299,345
		Philippines — 0.0%
	1,060,000	Philippine Government International Bond, 2.457%, 5/05/2030		887,559
		Poland — 0.2%
	26,400,000	Republic of Poland Government Bond, 1.250%, 10/25/2030, (PLN)		3,387,278
	12,970,000	Republic of Poland Government Bond, 3.250%, 7/25/2025, (PLN)		2,343,910
				5,731,188
		Portugal — 0.1%
	3,590,000	EDP Finance BV, 1.710%, 1/24/2028, 144A		2,919,891
		Qatar — 0.1%
	1,770,000	Ooredoo International Finance Ltd., 2.625%, 4/08/2031, 144A		1,462,020
	1,600,000	Qatar Energy, 2.250%, 7/12/2031, 144A		1,288,893
				2,750,913
		Romania — 0.0%
	1,100,000	Romania Government International Bond, 2.000%, 4/14/2033, 144A, (EUR)		636,674
		Singapore — 0.4%
	1,450,000	BOC Aviation Ltd., 3.250%, 4/29/2025, 144A		1,366,455
	860,000	BOC Aviation USA Corp., 1.625%, 4/29/2024, 144A		811,953
	4,510,000	Republic of Singapore, 2.750%, 7/01/2023, (SGD)		3,124,913
	10,055,000	Singapore Government Bond, 2.125%, 6/01/2026, (SGD)		6,657,828
				11,961,149
		South Africa — 0.6%
	1,400,000	Anglo American Capital PLC, 2.625%, 9/10/2030, 144A		1,077,631
	1,400,000	Anglo American Capital PLC, 5.625%, 4/01/2030, 144A		1,324,534
	2,990,000	AngloGold Ashanti Holdings PLC, 3.375%, 11/01/2028		2,424,528
	1,420,000	MTN (Mauritius) Investments Ltd., 4.755%, 11/11/2024		1,359,162
	930,000	MTN (Mauritius) Investments Ltd., 4.755%, 11/11/2024, 144A		890,155
	116,835,000	Republic of South Africa, Series 2035, 8.875%, 2/28/2035, (ZAR)		5,274,358
	39,185,000	Republic of South Africa, Series R213, 7.000%, 2/28/2031, (ZAR)		1,673,264
	7,585,000	South Africa Government International Bond, 5.750%, 9/30/2049		4,865,778
				18,889,410
		Spain — 0.4%
	2,000,000	Banco Santander S.A., (fixed rate to 9/14/2026, variable rate thereafter), 1.722%, 9/14/2027		1,654,549
	600,000	CaixaBank S.A., (fixed rate to 4/17/2025, variable rate thereafter), EMTN, 2.250%, 4/17/2030, (EUR)		525,038
	500,000	CaixaBank S.A., (fixed rate to 7/14/2023, variable rate thereafter), EMTN, 2.750%, 7/14/2028, (EUR)		477,353
	3,700,000	Cellnex Telecom S.A., EMTN, 1.750%, 10/23/2030, (EUR)		2,551,007
	700,000	Naturgy Finance BV, EMTN, 1.500%, 1/29/2028, (EUR)		602,377
	430,000	Spain Government Bond, 1.600%, 4/30/2025, 144A, (EUR)		414,483
	2,525,000	Spain Government Bond, 1.950%, 7/30/2030, 144A, (EUR)		2,297,523
	2,565,000	Spain Government Bond, 4.400%, 10/31/2023, 144A, (EUR)		2,576,513
				11,098,843
		Supranationals — 0.4%
	1,495,000	Corporacion Andina de Fomento, 2.375%, 5/12/2023		1,475,565
	3,360,000	European Investment Bank, 1.750%, 7/30/2024, 144A, (CAD)		2,338,269

See accompanying notes to financial statements.

55  |

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Supranationals — continued
	2,560,000	International Bank for Reconstruction & Development, 0.250%, 12/23/2022, (SEK)	$	229,934
	10,030,000	International Bank for Reconstruction & Development, 1.200%, 7/22/2026, (CAD)		6,589,296
	16,750,000	Nordic Investment Bank, EMTN, 1.500%, 3/13/2025, (NOK)		1,466,481
				12,099,545
		Sweden — 0.1%
	1,900,000	Heimstaden Bostad Treasury BV, EMTN, 1.375%, 7/24/2028, (EUR)		1,432,696
	38,000,000	Sweden Government Bond, 0.125%, 5/12/2031, 144A, (SEK)		2,868,042
				4,300,738
		Switzerland — 0.2%
	930,000	Credit Suisse AG, 2.950%, 4/09/2025		855,331
	3,855,000	Credit Suisse Group AG, (fixed rate to 5/14/2031, variable rate thereafter), 3.091%, 5/14/2032, 144A		2,706,355
	1,375,000	Novartis Capital Corp., 2.000%, 2/14/2027		1,233,403
	340,000	Willow No. 2 (Ireland) PLC for Zurich Insurance Co. Ltd., EMTN, (fixed rate to 10/01/2025, variable rate thereafter), 4.250%, 10/01/2045		297,585
				5,092,674
		Taiwan — 0.2%
	1,925,000	TSMC Arizona Corp., 2.500%, 10/25/2031		1,530,685
	3,180,000	TSMC Arizona Corp., 4.125%, 4/22/2029		2,996,009
				4,526,694
		Tanzania — 0.0%
	985,000	HTA Group Ltd., 7.000%, 12/18/2025, 144A		854,488
		Thailand — 0.0%
	950,000	Thaioil Treasury Center Co. Ltd., 3.625%, 1/23/2023, 144A		945,316
		Trinidad And Tobago — 0.0%
	415,000	Trinidad Generation Unlimited, 5.250%, 11/04/2027, 144A		399,438
		Turkey — 0.5%
	2,045,000	Aydem Yenilenebilir Enerji A/S, 7.750%, 2/02/2027, 144A		1,492,850
	2,250,000	TC Ziraat Bankasi A/S, 5.375%, 3/02/2026, 144A		1,878,750
	2,830,000	Turk Telekomunikasyon AS, 6.875%, 2/28/2025		2,479,476
	525,000	Turk Telekomunikasyon AS, 6.875%, 2/28/2025, 144A		459,974
	2,875,000	Turkcell Iletisim Hizmetleri AS, 5.800%, 4/11/2028		2,271,480
	6,970,000	Turkey Government International Bond, 5.250%, 3/13/2030		4,979,368
	1,345,000	Turkey Government International Bond, 7.625%, 4/26/2029		1,143,250
				14,705,148
		United Arab Emirates — 0.1%
	1,610,000	Abu Dhabi Crude Oil Pipeline LLC, 3.650%, 11/02/2029		1,491,263
	1,295,000	Abu Dhabi Government International Bond, 3.125%, 4/16/2030, 144A		1,170,356
				2,661,619
		United Kingdom — 0.4%
	200,000	Ashtead Capital, Inc., 5.500%, 8/11/2032, 144A		185,623
	95,000	Avon Products, Inc., 8.450%, 3/15/2043		91,700
	1,350,000	CK Hutchison International 19 Ltd., 3.625%, 4/11/2029, 144A		1,240,906
	1,420,000	Diageo Capital PLC, 2.125%, 4/29/2032		1,098,941
	1,125,000	Lloyds Banking Group PLC, (fixed rate to 7/09/2024, variable rate thereafter), 3.870%, 7/09/2025		1,084,738
	1,395,000	Nationwide Building Society, (fixed rate to 7/18/2029, variable rate thereafter), 3.960%, 7/18/2030, 144A		1,202,288
	1,190,000	NatWest Markets PLC, 0.800%, 8/12/2024, 144A		1,092,942
	235,000	Network Rail Infrastructure Finance PLC, EMTN, 4.750%, 1/22/2024, (GBP)		261,718
	955,000	Santander U.K. Group Holdings PLC, (fixed rate to 1/11/2027, variable rate thereafter), 2.469%, 1/11/2028		794,824
	1,455,000	Standard Chartered PLC, (fixed rate to 11/18/2030, variable rate thereafter), 3.265%, 2/18/2036, 144A		1,068,185
	2,200,000	Standard Chartered PLC, (fixed rate to 3/30/2025, variable rate thereafter), 3.971%, 3/30/2026, 144A		2,068,521
	250,000	Standard Chartered PLC, EMTN, 3.125%, 11/19/2024, (EUR)		237,424
	1,035,000	United Kingdom Gilt, 2.750%, 9/07/2024, (GBP)		1,123,719
	1,660,000	Vodafone Group PLC, 4.375%, 5/30/2028		1,561,503
				13,113,032
		United States — 12.6%
	165,000	AES Corp. (The), 3.950%, 7/15/2030, 144A		141,290
	315,000	Aircastle Ltd., (fixed rate to 6/15/2026, variable rate thereafter), 5.250%, 144A(d)		236,280
	1,915,000	Albemarle Corp., 5.050%, 6/01/2032		1,774,529
	480,000	Allison Transmission, Inc., 4.750%, 10/01/2027, 144A		422,723
	1,145,000	Ally Financial, Inc., Series B, (fixed rate to 5/15/2026, variable rate thereafter), 4.700%(d)		892,538
	965,000	Ally Financial, Inc., Series C, (fixed rate to 5/15/2028, variable rate thereafter), 4.700%(d)		687,562
	1,313,306	American Airlines Pass Through Trust, Series 2016-1, Class B, 5.250%, 7/15/2025		1,244,226
	1,053,980	American Airlines Pass Through Trust, Series 2016-3, Class B, 3.750%, 4/15/2027		912,483
	286,103	American Airlines Pass Through Trust, Series 2017-1B, Class B, 4.950%, 8/15/2026		260,139
	375,212	American Airlines Pass Through Trust, Series 2017-2, Class B, 3.700%, 4/15/2027		327,665
	3,975,000	Apple, Inc., Series MPLE, 2.513%, 8/19/2024, (CAD)		2,780,270
	260,000	Aptiv PLC, 1.600%, 9/15/2028, (EUR)		210,524
	2,330,000	Ares Capital Corp., 3.200%, 11/15/2031		1,660,800
	1,300,000	Ashland LLC, 3.375%, 9/01/2031, 144A		1,004,789
	945,000	Athene Global Funding, 1.608%, 6/29/2026, 144A		803,637
	2,410,000	Athene Global Funding, 1.716%, 1/07/2025, 144A		2,202,957

See accompanying notes to financial statements.

|  56

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
	2,865,000	Bank of America Corp., (fixed rate to 9/15/2026, variable rate thereafter), 1.978%, 9/15/2027, (CAD)	$	1,825,171
	730,000	Bank of America Corp., (fixed rate to 9/21/2031, variable rate thereafter), 2.482%, 9/21/2036		527,271
	665,000	Barings BDC, Inc., 3.300%, 11/23/2026, 144A		551,576
	950,000	Bausch Health Cos., Inc., 4.875%, 6/01/2028, 144A		612,465
	7,660,000	Bausch Health Cos., Inc., 5.000%, 1/30/2028, 144A		2,820,489
	205,000	Bausch Health Cos., Inc., 5.000%, 2/15/2029, 144A		79,489
	1,215,000	Bausch Health Cos., Inc., 5.250%, 1/30/2030, 144A		453,779
	4,007,000	Bausch Health Cos., Inc., 5.250%, 2/15/2031, 144A		1,506,833
	228,000	Bausch Health Cos., Inc., 6.250%, 2/15/2029, 144A		85,073
	370,000	Bausch Health Cos., Inc., 7.000%, 1/15/2028, 144A		140,955
	1,140,000	Beazer Homes USA, Inc., 7.250%, 10/15/2029		900,600
	500,000	Block, Inc., 3.500%, 6/01/2031		387,657
	140,000	Boeing Co. (The), 3.100%, 5/01/2026		127,806
	25,000	Boeing Co. (The), 3.250%, 2/01/2035		17,656
	165,000	Boeing Co. (The), 3.550%, 3/01/2038		113,022
	25,000	Boeing Co. (The), 3.625%, 3/01/2048		15,548
	80,000	Boeing Co. (The), 3.750%, 2/01/2050		51,672
	635,000	Boeing Co. (The), 3.850%, 11/01/2048		411,008
	640,000	Boeing Co. (The), 3.950%, 8/01/2059		397,601
	30,000	Boeing Co. (The), 5.150%, 5/01/2030		27,751
	875,000	BPR Trust, Series 2021-NRD, Class F, 1-month SOFR + 6.870%, 9.792%, 12/15/2023, 144A(e)		813,571
	690,000	Broadcom, Inc., 3.187%, 11/15/2036, 144A		471,923
	545,000	Carnival Corp., 5.750%, 3/01/2027, 144A		381,800
	490,000	Catalent Pharma Solutions, Inc., 3.125%, 2/15/2029, 144A		377,913
	12,500,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 2/01/2031, 144A		9,670,250
	3,810,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 1/15/2034, 144A		2,727,122
	1,575,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.750%, 2/01/2032, 144A		1,226,578
	595,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2027, 144A		536,987
	240,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.500%, 5/01/2026, 144A		227,400
	370,000	Celanese U.S. Holdings LLC, 6.330%, 7/15/2029		344,849
	270,000	Celanese U.S. Holdings LLC, 6.379%, 7/15/2032		250,903
	2,510,000	Centene Corp., 2.500%, 3/01/2031		1,891,992
	160,000	Centene Corp., 2.625%, 8/01/2031		120,588
	975,000	Centene Corp., 3.000%, 10/15/2030		772,141
	165,000	Charles River Laboratories International, Inc., 3.750%, 3/15/2029, 144A		137,249
	175,000	Charles River Laboratories International, Inc., 4.000%, 3/15/2031, 144A		141,124
	150,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 2.300%, 2/01/2032		107,113
		United States — continued
	360,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 2.800%, 4/01/2031		272,141
	180,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.400%, 4/01/2033		149,052
	1,075,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.950%, 6/30/2062		637,467
	6,405,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.400%, 12/01/2061		4,080,450
	5,315,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		4,012,825
	7,265,000	CommScope, Inc., 4.750%, 9/01/2029, 144A		5,925,770
	1,565,000	CommScope, Inc., 7.125%, 7/01/2028, 144A		1,208,040
	905,000	Continental Resources, Inc., 2.875%, 4/01/2032, 144A		662,727
	3,950,000	Continental Resources, Inc., 5.750%, 1/15/2031, 144A		3,570,241
	2,125,000	Covanta Holding Corp., 4.875%, 12/01/2029, 144A		1,717,552
	22,445,000	CSC Holdings LLC, 4.625%, 12/01/2030, 144A		15,262,600
	2,060,000	CSC Holdings LLC, 5.000%, 11/15/2031, 144A		1,360,714
	595,000	CSC Holdings LLC, 5.375%, 2/01/2028, 144A		519,137
	495,000	CSC Holdings LLC, 5.750%, 1/15/2030, 144A		351,829
	1,115,000	CSC Holdings LLC, 6.500%, 2/01/2029, 144A		983,987
	490,000	Dana, Inc., 5.375%, 11/15/2027		415,275
	80,000	Darling Ingredients, Inc., 6.000%, 6/15/2030, 144A		76,135
	2,235,000	DCP Midstream Operating LP, 3.250%, 2/15/2032		1,766,808
	380,000	DCP Midstream Operating LP, 5.125%, 5/15/2029		356,071
	940,000	DH Europe Finance II S.a.r.l., 0.750%, 9/18/2031, (EUR)		707,531
	50,000	Dillard’s, Inc., 7.000%, 12/01/2028		50,953
	8,000	Dillard’s, Inc., 7.750%, 7/15/2026		8,298
	355,000	DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc., 5.875%, 8/15/2027, 144A		306,049
	2,475,000	DISH DBS Corp., 5.125%, 6/01/2029		1,454,062
	4,115,000	DISH DBS Corp., 5.250%, 12/01/2026, 144A		3,371,201
	1,960,000	DISH DBS Corp., 7.750%, 7/01/2026		1,503,457
	160,000	Edison International, 4.950%, 4/15/2025		156,755
	575,000	EnLink Midstream Partners LP, 5.450%, 6/01/2047		420,020
	280,000	EPR Properties, 3.600%, 11/15/2031		200,049
	70,000	EQT Corp., 3.125%, 5/15/2026, 144A		63,750
	1,555,000	EQT Corp., 3.625%, 5/15/2031, 144A		1,296,351
	515,000	EQT Corp., 3.900%, 10/01/2027		468,649
	360,000	EQT Corp., 5.000%, 1/15/2029		335,893
	275,000	EQT Corp., 5.678%, 10/01/2025		273,307
	190,000	EQT Corp., 5.700%, 4/01/2028		186,267
	115,000	Everi Holdings, Inc., 5.000%, 7/15/2029, 144A		94,291

See accompanying notes to financial statements.

57  |

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	3,780,000	Expedia Group, Inc., 2.950%, 3/15/2031	$	2,932,442
	170,000	Ford Motor Co., 3.250%, 2/12/2032		122,456
	2,105,000	Ford Motor Co., 6.625%, 10/01/2028		2,047,112
	2,710,000	Freeport-McMoRan, Inc., 4.375%, 8/01/2028		2,440,245
	6,640,000	Freeport-McMoRan, Inc., 5.400%, 11/14/2034		5,901,698
	2,710,000	General Motors Co., 5.200%, 4/01/2045		2,063,451
	405,000	General Motors Co., 6.250%, 10/02/2043		351,795
	315,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		383,475
	460,000	GLP Capital LP/GLP Financing II, Inc., 3.250%, 1/15/2032		345,792
	855,000	Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.500%, 3/01/2029, 144A		699,287
	975,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		982,722
	830,000	HCA, Inc., 3.500%, 9/01/2030		685,348
	610,000	Hess Midstream Operations LP, 4.250%, 2/15/2030, 144A		492,575
	350,000	Hess Midstream Operations LP, 5.625%, 2/15/2026, 144A		332,239
	660,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 4.875%, 7/01/2031, 144A		503,950
	470,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 5.000%, 6/01/2029, 144A		379,337
	1,000,000	Hyundai Capital America, 2.650%, 2/10/2025		931,834
	835,000	Hyundai Capital America, 2.650%, 2/10/2025, 144A		778,082
	1,585,000	Hyundai Capital America, 2.750%, 9/27/2026, 144A		1,398,147
	1,395,000	Hyundai Capital America, 6.375%, 4/08/2030, 144A		1,397,983
	11,250,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.375%, 2/01/2029		9,054,900
	1,180,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.250%, 5/15/2027		1,033,102
	1,210,000	iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A		1,008,535
	665,000	iHeartCommunications, Inc., 5.250%, 8/15/2027, 144A		568,076
	1,980,000	iHeartCommunications, Inc., 8.375%, 5/01/2027		1,665,012
	1,135,000	Iron Mountain, Inc., 4.875%, 9/15/2029, 144A		932,391
	795,000	JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.750%, 12/01/2031, 144A		636,429
	730,000	JELD-WEN, Inc., 4.875%, 12/15/2027, 144A		521,950
	1,135,000	John Deere Capital Corp., MTN, 0.450%, 6/07/2024		1,058,628
	3,185,000	John Deere Financial, Inc., 1.340%, 9/08/2027, (CAD)		1,961,149
	345,000	Lithia Motors, Inc., 3.875%, 6/01/2029, 144A		276,863
	870,000	Marriott Ownership Resorts, Inc., 4.500%, 6/15/2029, 144A		687,566
	44,000	Masco Corp., 6.500%, 8/15/2032		44,151
	615,000	Medtronic Global Holdings SCA, 1.125%, 3/07/2027, (EUR)		547,599
		United States — continued
	2,237,250	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.500%, 6/20/2027, 144A		2,189,776
	1,025,000	Minerals Technologies, Inc., 5.000%, 7/01/2028, 144A		894,097
	435,000	Molina Healthcare, Inc., 3.875%, 5/15/2032, 144A		356,320
	490,000	MSCI, Inc., 3.250%, 8/15/2033, 144A		378,393
	2,135,000	Nationstar Mortgage Holdings, Inc., 5.500%, 8/15/2028, 144A		1,676,497
	1,365,000	Navient Corp., 5.000%, 3/15/2027		1,116,450
	421,000	Navient Corp., MTN, 5.625%, 8/01/2033		282,988
	4,600,000	NCL Corp. Ltd., 5.875%, 3/15/2026, 144A		3,499,404
	615,000	NCL Corp. Ltd., 5.875%, 2/15/2027, 144A		512,061
	790,000	NCL Finance Ltd., 6.125%, 3/15/2028, 144A		582,605
	835,000	Netflix, Inc., 4.875%, 4/15/2028		781,489
	2,620,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		2,394,254
	310,000	Netflix, Inc., 5.375%, 11/15/2029, 144A		291,400
	280,000	Netflix, Inc., 5.875%, 11/15/2028		273,218
	530,000	Netflix, Inc., 6.375%, 5/15/2029		526,168
	20,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		20,214
	475,000	Novelis Corp., 4.750%, 1/30/2030, 144A		389,500
	1,865,000	NRG Energy, Inc., 3.625%, 2/15/2031, 144A		1,454,700
	455,000	NRG Energy, Inc., 3.875%, 2/15/2032, 144A		354,920
	30,000	Occidental Petroleum Corp., 6.125%, 1/01/2031		29,550
	2,355,000	Occidental Petroleum Corp., 6.625%, 9/01/2030		2,390,325
	50,000	Occidental Petroleum Corp., 7.875%, 9/15/2031		53,375
	1,845,000	Occidental Petroleum Corp., 8.875%, 7/15/2030		2,054,038
	1,170,000	OneMain Finance Corp., 5.625%, 3/15/2023		1,164,168
	860,000	OneMain Finance Corp., 6.875%, 3/15/2025		808,271
	2,310,000	OneMain Finance Corp., 7.125%, 3/15/2026		2,082,238
	130,000	OneMain Finance Corp., 8.250%, 10/01/2023		131,452
	1,490,000	Oracle Corp., 3.950%, 3/25/2051		988,176
	1,000,000	Ovintiv, Inc., 6.500%, 8/15/2034		974,173
	45,000	Ovintiv, Inc., 6.500%, 2/01/2038		43,695
	230,000	Ovintiv, Inc., 6.625%, 8/15/2037		225,102
	30,000	Ovintiv, Inc., 7.200%, 11/01/2031		30,589
	115,000	Ovintiv, Inc., 7.375%, 11/01/2031		119,799
	130,000	Ovintiv, Inc., 8.125%, 9/15/2030		140,326
	8,630,000	Owl Rock Capital Corp., 4.250%, 1/15/2026		7,892,498
	1,550,000	Owl Rock Technology Finance Corp., 2.500%, 1/15/2027		1,243,600
	2,120,000	Owl Rock Technology Finance Corp., 4.750%, 12/15/2025, 144A		1,908,277
	325,000	Pacific Gas & Electric Co., 3.500%, 8/01/2050		197,782
	320,000	Pacific Gas & Electric Co., 5.450%, 6/15/2027		301,443
	1,265,000	Pilgrim’s Pride Corp., 3.500%, 3/01/2032, 144A		954,088
	315,000	Pilgrim’s Pride Corp., 4.250%, 4/15/2031, 144A		251,455
	1,060,000	Post Holdings, Inc., 4.500%, 9/15/2031, 144A		853,300

See accompanying notes to financial statements.

|  58

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
	2,165,000	Prologis Euro Finance LLC, 0.250%, 9/10/2027, (EUR)	$	1,768,642
	1,530,000	Prologis Euro Finance LLC, 0.375%, 2/06/2028, (EUR)		1,243,651
	365,000	Prologis LP, 2.250%, 6/30/2029, (GBP)		320,910
	1,100,000	Realty Income Corp., EMTN, 1.625%, 12/15/2030, (GBP)		867,665
	5,850,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/2026, 144A		4,797,000
	6,794,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029		5,229,002
	130,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029, 144A		100,055
	12,416,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A		8,999,787
	4,510,000	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A		3,100,687
	2,175,000	Royal Caribbean Cruises Ltd., 4.250%, 7/01/2026, 144A		1,598,810
	4,130,000	Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A		2,893,643
	810,000	Santander Holdings USA, Inc., 3.450%, 6/02/2025		758,221
	1,605,000	SBA Communications Corp., 3.125%, 2/01/2029		1,290,853
	1,020,000	Scientific Games International, Inc., 7.000%, 5/15/2028, 144A		961,707
	525,000	Scientific Games International, Inc., 7.250%, 11/15/2029, 144A		488,623
	435,000	Sensata Technologies BV, 4.000%, 4/15/2029, 144A		359,958
	140,000	Silgan Holdings, Inc., 3.250%, 3/15/2025, (EUR)		128,852
	315,000	Southwestern Energy Co., 4.750%, 2/01/2032		264,002
	2,785,000	Summit Materials LLC/Summit Materials Finance Corp., 5.250%, 1/15/2029, 144A		2,450,800
	380,000	Synchrony Bank, 5.400%, 8/22/2025		370,496
	765,000	Synchrony Bank, 5.625%, 8/23/2027		731,042
	410,000	T-Mobile USA, Inc., 2.400%, 3/15/2029		334,631
	735,000	T-Mobile USA, Inc., 2.700%, 3/15/2032		573,643
	6,900,000	T-Mobile USA, Inc., 3.375%, 4/15/2029		5,961,462
	5,840,000	T-Mobile USA, Inc., 3.500%, 4/15/2031		4,907,410
	2,805,000	T-Mobile USA, Inc., 3.875%, 4/15/2030		2,488,079
	255,000	Tapestry, Inc., 3.050%, 3/15/2032		190,249
	165,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.875%, 2/01/2031		141,900
	165,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.500%, 3/01/2030		148,089
	420,000	Terminix Co. LLC (The), 7.450%, 8/15/2027		473,550
	100,000	Thermo Fisher Scientific, Inc., EMTN, 1.500%, 10/01/2039, (EUR)		65,818
	245,000	Thermo Fisher Scientific, Inc., EMTN, 1.875%, 10/01/2049, (EUR)		149,990
	90,000	Time Warner Cable LLC, 4.500%, 9/15/2042		62,137
	85,000	Time Warner Cable LLC, 5.500%, 9/01/2041		66,718
	400,000	TopBuild Corp., 4.125%, 2/15/2032, 144A		304,597
	11,330,000	Travel & Leisure Co., 4.500%, 12/01/2029, 144A		8,785,225
	615,000	Travel & Leisure Co., 4.625%, 3/01/2030, 144A		486,119
		United States — continued
	75,000	Travel & Leisure Co., 6.000%, 4/01/2027		67,585
	90,000	Travel & Leisure Co., 6.625%, 7/31/2026, 144A		84,307
	5,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/2024		4,901
	775,000	TriNet Group, Inc., 3.500%, 3/01/2029, 144A		631,237
	59,537	U.S. Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		57,655
	238,969	U.S. Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		215,924
	5,320,000	U.S. Treasury Bond, 2.250%, 2/15/2052		3,865,312
	4,784,161	U.S. Treasury Inflation Indexed Note, 0.375%, 7/15/2027(f)		4,463,519
	7,273,220	U.S. Treasury Inflation Indexed Note, 0.625%, 4/15/2023(f)		7,164,122
	28,520,000	U.S. Treasury Note, 0.125%, 1/31/2023(g)		28,189,779
	7,860,000	U.S. Treasury Note, 0.125%, 4/30/2023		7,684,071
	14,775,000	U.S. Treasury Note, 0.500%, 11/30/2023		14,140,714
	2,910,000	U.S. Treasury Note, 0.875%, 1/31/2024		2,780,073
	17,750,000	U.S. Treasury Note, 2.250%, 3/31/2024		17,217,500
	13,115,000	Uber Technologies, Inc., 4.500%, 8/15/2029, 144A		11,024,797
	10,745,000	Uber Technologies, Inc., 6.250%, 1/15/2028, 144A		9,992,850
	1,555,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A		1,523,900
	140,000	Uber Technologies, Inc., 8.000%, 11/01/2026, 144A		139,779
	313,438	United Airlines Pass Through Trust, Series 2016-2, Class B, 3.650%, 4/07/2027		272,816
	2,062,904	United Airlines Pass Through Trust, Series 2020-1, Class A, 5.875%, 4/15/2029		1,978,098
	3,095,000	Verizon Communications, Inc., Series MPLE, 2.500%, 5/16/2030, (CAD)		1,864,618
	895,000	VICI Properties LP/VICI Note Co., Inc., 4.250%, 12/01/2026, 144A		807,822
	740,000	VICI Properties LP/VICI Note Co., Inc., 4.500%, 9/01/2026, 144A		675,787
	640,000	VICI Properties LP/VICI Note Co., Inc., 4.625%, 6/15/2025, 144A		602,258
	525,000	VICI Properties LP/VICI Note Co., Inc., 5.625%, 5/01/2024, 144A		515,944
	130,000	Western Digital Corp., 2.850%, 2/01/2029		101,028
	90,000	Western Digital Corp., 3.100%, 2/01/2032		61,190
	360,000	Western Midstream Operating LP, 4.300%, 2/01/2030		307,894
	820,000	Western Midstream Operating LP, 5.300%, 3/01/2048		674,450
	150,000	Western Midstream Operating LP, 5.450%, 4/01/2044		123,051
	115,000	Western Midstream Operating LP, 5.500%, 8/15/2048		93,006
	475,000	Western Midstream Operating LP, 5.500%, 2/01/2050		383,563
	60,000	Weyerhaeuser Co., 6.950%, 10/01/2027		63,651
	89,000	Weyerhaeuser Co., 7.375%, 3/15/2032		96,019
	1,595,000	Yum! Brands, Inc., 4.625%, 1/31/2032		1,336,897
				372,089,676

See accompanying notes to financial statements.

59  |

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Uruguay — 0.1%
$	1,415,000	Uruguay Government International Bond, 4.375%, 1/23/2031	$	1,353,522
	86,955,000	Uruguay Government International Bond, 8.250%, 5/21/2031, (UYU)		1,721,099
				3,074,621
		Total Non-Convertible Bonds (Identified Cost $1,074,551,129)		875,608,512
	Convertible Bonds — 2.7%
		United States — 2.7%
	40,000	Bentley Systems, Inc., 0.375%, 7/01/2027		30,140
	14,785,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027		14,682,983
	140,000	DISH Network Corp., 2.375%, 3/15/2024		124,880
	26,970,000	DISH Network Corp., 3.375%, 8/15/2026		18,555,360
	8,470,000	DISH Network Corp., Zero Coupon, 0.000%-9.514%, 12/15/2025(h)		5,574,446
	805,000	Ionis Pharmaceuticals, Inc., Zero Coupon, 0.000%-0.979%, 4/01/2026(h)		795,441
	305,000	JetBlue Airways Corp., 0.500%, 4/01/2026		216,550
	5,340,000	Livongo Health, Inc., 0.875%, 6/01/2025		4,483,144
	6,630,000	NCL Corp. Ltd., 1.125%, 2/15/2027, 144A		4,107,683
	550,000	Nutanix, Inc., 0.250%, 10/01/2027, 144A		413,600
	135,000	Peloton Interactive, Inc., Zero Coupon, 1.146%, 2/15/2026(c)		90,428
	230,000	Penn Entertainment, Inc., 2.750%, 5/15/2026		321,885
	565,000	RingCentral, Inc., Zero Coupon, 7.146%-8.016%, 3/15/2026(h)		434,485
	725,000	Snap, Inc., Zero Coupon, 6.697%-7.641%, 5/01/2027(h)		499,887
	8,160,000	Southwest Airlines Co., 1.250%, 5/01/2025		9,314,640
	1,340,000	Splunk, Inc., 1.125%, 6/15/2027		1,054,280
	655,000	Spotify USA, Inc., Zero Coupon, 5.189%-5.873%, 3/15/2026(h)		514,175
	17,320,000	Teladoc Health, Inc., 1.250%, 6/01/2027		12,666,116
	200,000	Twitter, Inc., Zero Coupon, 1.483%, 3/15/2026(c)		183,085
	8,113,000	Uber Technologies, Inc., Zero Coupon, 0.000%-5.582%, 12/15/2025(h)		6,723,811
	120,000	Zillow Group, Inc., 1.375%, 9/01/2026		115,980
		Total Convertible Bonds (Identified Cost $105,000,587)		80,902,999
	Municipals — 0.0%
		United States — 0.0%
	120,000	Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046 (Identified Cost $119,990)		104,588
		Total Bonds and Notes (Identified Cost $1,179,671,706)		956,616,099
Shares
	Preferred Stocks — 0.2%
		United States — 0.2%
	4,292	2020 Cash Mandatory Exchangeable Trust, 5.250%, 144A		4,828,071
	38,952	El Paso Energy Capital Trust I, 4.750%		1,786,728
				6,614,799
		Total Preferred Stocks (Identified Cost $6,184,693)		6,614,799
	Short-Term Investments — 0.7%
$	20,415,194	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2022 at 1.100% to be repurchased at $20,417,065 on 10/03/2022 collateralized by $21,570,900 U.S. Treasury Note, 2.875% due 6/15/2025 valued at $20,823,512 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $20,415,194)		20,415,194
		Total Investments — 99.5% (Identified Cost $3,240,104,544)		2,945,708,355
		Other assets less liabilities — 0.5%		15,597,932
		Net Assets — 100.0%	$	2,961,306,287
	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 1,000.
	(†††)	Amount shown represents principal amount including inflation adjustments.
	(††††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Non-income producing security.
	(b)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
	(c)	Interest rate represents annualized yield at time of purchase; not a coupon rate.
	(d)	Perpetual bond with no specified maturity date.
	(e)	Variable rate security. Rate as of September 30, 2022 is disclosed.
	(f)	Treasury Inflation Protected Security (TIPS).
	(g)	Security (or a portion thereof) has been pledged as collateral for open derivative contracts.
	(h)	Interest rate represents annualized yield at time of purchase; not a coupon rate. The Fund’s investment in this security is comprised of various lots with differing annualized yields.
	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2022, the value of Rule 144A holdings amounted to $314,136,478 or 10.6% of net assets.
	CPI	Consumer Price Index
	EMTN	Euro Medium Term Note
	MTN	Medium Term Note
	SOFR	Secured Overnight Financing Rate
	AUD	Australian Dollar
	BRL	Brazilian Real
	CAD	Canadian Dollar
	COP	Colombian Peso
	EUR	Euro
	GBP	British Pound
	IDR	Indonesian Rupiah
	ILS	Israeli Shekel
	JPY	Japanese Yen
	KRW	South Korean Won
	MXN	Mexican Peso

See accompanying notes to financial statements.

|  60

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Global Allocation Fund – (continued)

MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty
SEK	Swedish Krona
SGD	Singapore Dollar
UYU	Uruguayan Peso
ZAR	South African Rand

At September 30, 2022, the Fund had the following open forward foreign currency contracts:

Counterparty	Delivery Date		Currency Bought/ Sold (B/S)		Units of Currency			In Exchange for		Notional Value		Unrealized Appreciation (Depreciation)
Bank of America, N.A.		12/21/2022		KRW		B	5,850,000,000	$	4,198,966	$	4,101,044	$	(97,922	)
Bank of America, N.A.		12/22/2022		KRW		S	19,047,379,000		13,375,029		13,353,946		21,083
Bank of America, N.A.		12/21/2022		KRW		S	5,850,000,000		4,107,569		4,101,044		6,525
Bank of America, N.A.		12/21/2022		MXN		S	256,059,000		12,566,634		12,536,724		29,910
Credit Suisse International		12/21/2022		CAD		S	28,930,000		21,975,852		20,950,750		1,025,102
Credit Suisse International		12/21/2022		COP		S	34,000,000,000		7,601,587		7,269,565		332,022
Credit Suisse International		12/21/2022		GBP		B	12,371,000		14,318,319		13,829,070		(489,249	)
Credit Suisse International		12/21/2022		JPY		B	9,496,840,000		66,819,864		66,200,737		(619,127	)
HSBC Bank USA		12/21/2022		AUD		B	18,075,000		12,179,477		11,577,258		(602,219	)
HSBC Bank USA		12/21/2022		AUD		S	18,075,000		11,751,942		11,577,258		174,684
HSBC Bank USA		12/22/2022		AUD		S	3,040,000		1,976,673		1,947,214		29,459
Morgan Stanley Capital Services, Inc.		12/21/2022		EUR		B	109,215,000		111,454,781		107,689,992		(3,764,789	)
Morgan Stanley Capital Services, Inc.		12/21/2022		NZD		S	6,003,000		3,610,937		3,361,074		249,863
UBS AG		12/21/2022		IDR		S	100,000,000,000		6,690,932		6,550,419		140,513
UBS AG		12/21/2022		SEK		B	7,350,000		689,560		665,575		(23,985	)
Total												$	(3,588,130	)

At September 30, 2022, the Fund had the following open forward cross currency contracts:

Counterparty

Settlement Date

Deliver/Units of Currency

Receive/Units of Currency

Notional Value

Unrealized Appreciation (Depreciation)

Morgan Stanley Capital Services, Inc.

12/21/2022

NOK

30,959,000

EUR

3,091,684

$

3,048,514

$

199,890

At September 30, 2022, open long futures contracts were as follows:

Financial Futures	Expiration Date		Contracts	Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra 10 Year U.S. Treasury Note		12/20/2022	89	$	11,166,922	$	10,545,109	$	(621,813	)
Ultra Long U.S. Treasury Bond		12/20/2022	130		19,421,329		17,810,000		(1,611,329	)
Total								$	(2,233,142	)

See accompanying notes to financial statements.

61  |

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Global Allocation Fund – (continued)

Industry Summary at September 30, 2022

Treasuries	8.3	%
IT Services	7.2
Semiconductors & Semiconductor Equipment	6.9
Life Sciences Tools & Services	6.7
Capital Markets	6.6
Software	6.0
Machinery	4.8
Chemicals	4.6
Internet & Direct Marketing Retail	3.1
Interactive Media & Services	2.9
Banking	2.9
Hotels, Restaurants & Leisure	2.7
Health Care Providers & Services	2.7
Cable Satellite	2.6
Specialty Retail	2.5
Textiles, Apparel & Luxury Goods	2.3
Food & Staples Retailing	2.3
Finance Companies	2.0
Other Investments, less than 2% each	21.7
Short-Term Investments	0.7
Total Investments	99.5
Other assets less liabilities (including forward foreign currency and futures contracts)	0.5
Net Assets	100.0	%

Currency Exposure Summary at September 30, 2022

United States Dollar	78.2	%
Euro	8.3
Swedish Krona	2.1
Japanese Yen	2.0
Other, less than 2% each	8.9
Total Investments	99.5
Other assets less liabilities (including forward foreign currency and futures contracts)	0.5
Net Assets	100.0	%

See accompanying notes to financial statements.

|  62

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Growth Fund

Shares		Description	Value (†)
	Common Stocks — 99.2% of Net Assets
		Aerospace & Defense — 4.4%
	3,454,923	Boeing Co. (The)(a)	$	418,322,077
		Air Freight & Logistics — 1.7%
	1,866,750	Expeditors International of Washington, Inc.		164,852,693
		Automobiles — 3.5%
	1,255,036	Tesla, Inc.(a)		332,898,299
		Beverages — 3.9%
	4,303,273	Monster Beverage Corp.(a)		374,212,620
		Biotechnology — 6.7%
	445,904	Regeneron Pharmaceuticals, Inc.(a)		307,169,889
	1,138,052	Vertex Pharmaceuticals, Inc.(a)		329,511,576
				636,681,465
		Capital Markets — 3.6%
	501,008	FactSet Research Systems, Inc.		200,458,311
	2,874,926	SEI Investments Co.		141,015,120
				341,473,431
		Entertainment — 6.5%
	1,421,277	Netflix, Inc.(a)		334,625,457
	3,029,846	Walt Disney Co. (The)(a)		285,805,373
				620,430,830
		Health Care Equipment & Supplies — 1.2%
	598,193	Intuitive Surgical, Inc.(a)		112,125,296
		Hotels, Restaurants & Leisure — 4.7%
	2,758,885	Starbucks Corp.		232,463,650
	1,602,964	Yum China Holdings, Inc.		75,868,286
	1,329,540	Yum! Brands, Inc.		141,383,284
				449,715,220
		Interactive Media & Services — 11.2%
	3,665,655	Alphabet, Inc., Class A(a)		350,619,900
	3,190,659	Alphabet, Inc., Class C(a)		306,781,863
	2,963,788	Meta Platforms, Inc., Class A(a)		402,126,756
				1,059,528,519
		Internet & Direct Marketing Retail — 7.5%
	1,578,398	Alibaba Group Holding Ltd., Sponsored ADR(a)		126,256,056
	5,152,050	Amazon.com, Inc.(a)		582,181,650
				708,437,706
		IT Services — 10.0%
	1,799,138	Block, Inc.(a)		98,934,599
	1,825,180	PayPal Holdings, Inc.(a)		157,093,242
	4,245,104	Shopify, Inc., Class A(a)		114,363,102
	3,262,849	Visa, Inc., Class A		579,645,125
				950,036,068
		Life Sciences Tools & Services — 2.0%
	1,000,799	Illumina, Inc.(a)		190,942,441
		Machinery — 1.9%
	524,969	Deere & Co.		175,281,899
		Pharmaceuticals — 7.3%
	4,075,984	Novartis AG, Sponsored ADR		309,815,544
	1,374,978	Novo Nordisk A/S, Sponsored ADR		136,989,058
	5,986,990	Roche Holding AG, Sponsored ADR		243,191,534
				689,996,136
		Semiconductors & Semiconductor Equipment — 6.3%
	3,209,263	NVIDIA Corp.		389,572,436
	1,806,829	QUALCOMM, Inc.		204,135,540
				593,707,976
		Software — 16.8%
	1,905,053	Autodesk, Inc.(a)	$	355,863,900
	2,101,099	Microsoft Corp.		489,345,957
	5,695,873	Oracle Corp.		347,846,964
	2,026,049	Salesforce, Inc.(a)		291,426,888
	688,171	Workday, Inc., Class A(a)		104,753,390
				1,589,237,099
		Total Common Stocks (Identified Cost $7,628,225,854)		9,407,879,775
Principal Amount
	Short-Term Investments — 1.0%
$	96,001,789	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2022 at 1.100% to be repurchased at $96,010,590 on 10/03/2022 collateralized by $81,779,600 U.S. Treasury Inflation Indexed Note, 0.375% due 7/15/2025 valued at $97,921,906 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $96,001,789)		96,001,789
		Total Investments — 100.2% (Identified Cost $7,724,227,643)		9,503,881,564
		Other assets less liabilities — (0.2)%		(16,185,840	)
		Net Assets — 100.0%	$	9,487,695,724
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

Industry Summary at September 30, 2022

Software	16.8	%
Interactive Media & Services	11.2
IT Services	10.0
Internet & Direct Marketing Retail	7.5
Pharmaceuticals	7.3
Biotechnology	6.7
Entertainment	6.5
Semiconductors & Semiconductor Equipment	6.3
Hotels, Restaurants & Leisure	4.7
Aerospace & Defense	4.4
Beverages	3.9
Capital Markets	3.6
Automobiles	3.5
Life Sciences Tools & Services	2.0
Other Investments, less than 2% each	4.8
Short-Term Investments	1.0
Total Investments	100.2
Other assets less liabilities	(0.2	)
Net Assets	100.0	%

See accompanying notes to financial statements.

63  |

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Intermediate Duration Bond Fund

Principal Amount		Description	Value (†)
	Bonds and Notes — 97.8% of Net Assets
		ABS Car Loan — 8.2%
$	194,603	American Credit Acceptance Receivables Trust, Series 2020-4, Class C, 1.310%, 12/14/2026, 144A	$	191,762
	385,000	American Credit Acceptance Receivables Trust, Series 2021-3, Class B, 0.660%, 2/13/2026, 144A		382,331
	180,000	American Credit Acceptance Receivables Trust, Series 2022-1, Class B, 1.680%, 9/14/2026, 144A		172,462
	70,335	AmeriCredit Automobile Receivables Trust, Series 2019-2, Class B, 2.540%, 7/18/2024		70,294
	10,645	AmeriCredit Automobile Receivables Trust, Series 2020-1, Class A3, 1.110%, 8/19/2024		10,636
	38,403	AmeriCredit Automobile Receivables Trust, Series 2020-2, Class A3, 0.660%, 12/18/2024		38,164
	265,000	AmeriCredit Automobile Receivables Trust, Series 2020-2, Class B, 0.970%, 2/18/2026		259,443
	215,000	AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B, 0.690%, 1/19/2027		201,847
	520,000	AmeriCredit Automobile Receivables Trust, Series 2021-3, Class C, 1.410%, 8/18/2027		474,765
	335,000	AmeriCredit Automobile Receivables Trust, Series 2022-2, Class A3, 4.380%, 4/18/2028		332,051
	140,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class A, 3.350%, 9/22/2025, 144A		134,515
	86,303	Capital One Prime Auto Receivables Trust, Series 2019-2, Class A3, 1.920%, 5/15/2024		86,036
	157,040	CarMax Auto Owner Trust, Series 2020-2, Class A3, 1.700%, 11/15/2024		156,139
	252,000	CarMax Auto Owner Trust, Series 2020-3, Class A3, 0.620%, 3/17/2025		247,873
	91,162	Carvana Auto Receivables Trust, Series 2021-N2, Class B, 0.750%, 3/10/2028		84,756
	305,000	Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.720%, 9/11/2028		291,583
	1,075,000	Carvana Auto Receivables Trust, Series 2021-P4, Class A3, 1.310%, 1/11/2027		1,012,044
	165,000	Carvana Auto Receivables Trust, Series 2022-P3, Class A3, 4.610%, 11/10/2027		161,904
	70,062	Credit Acceptance Auto Loan Trust, Series 2020-1A, Class A, 2.010%, 2/15/2029, 144A		70,012
	585,000	Credit Acceptance Auto Loan Trust, Series 2020-1A, Class B, 2.390%, 4/16/2029, 144A		579,058
	241,650	Credit Acceptance Auto Loan Trust, Series 2020-2A, Class A, 1.370%, 7/16/2029, 144A		238,626
	265,000	Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.000%, 5/15/2030, 144A		252,437
	191,402	Drive Auto Receivables Trust, Series 2021-1, Class B, 0.650%, 7/15/2025		190,787
	585,000	Drive Auto Receivables Trust, Series 2021-2, Class B, 0.580%, 12/15/2025		576,286
	465,000	Drive Auto Receivables Trust, Series 2021-3, Class B, 1.110%, 5/15/2026		449,503
	320,000	DT Auto Owner Trust, Series 2020-2A, Class C, 3.280%, 3/16/2026, 144A		316,435
	30,000	DT Auto Owner Trust, Series 2021-1A, Class B, 0.620%, 9/15/2025, 144A		29,642
	300,000	DT Auto Owner Trust, Series 2021-2A, Class B, 0.810%, 1/15/2027, 144A		292,526
	410,000	DT Auto Owner Trust, Series 2021-4A, Class C, 1.500%, 9/15/2027, 144A		378,593
	248,038	Exeter Automobile Receivables Trust, Series 2020-2A, Class C, 3.280%, 5/15/2025, 144A		247,149
	24,037	Exeter Automobile Receivables Trust, Series 2021-1A, Class B, 0.500%, 2/18/2025		24,011
		ABS Car Loan — continued
$	271,617	Exeter Automobile Receivables Trust, Series 2021-2A, Class B, 0.570%, 9/15/2025	$	269,278
	715,000	Exeter Automobile Receivables Trust, Series 2021-4A, Class B, 1.050%, 5/15/2026		692,952
	605,000	Exeter Automobile Receivables Trust, Series 2022-3A, Class B, 4.860%, 12/15/2026		600,470
	436,761	Flagship Credit Auto Trust, Series 2020-1, Class B, 2.050%, 2/17/2025, 144A		435,392
	290,000	Flagship Credit Auto Trust, Series 2021-2, Class B, 0.930%, 6/15/2027, 144A		274,310
	1,217,616	Flagship Credit Auto Trust, Series 2022-1, Class A, 1.790%, 10/15/2026, 144A		1,174,629
	595,000	Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.190%, 7/15/2031, 144A		572,000
	58,429	Ford Credit Auto Owner Trust, Series 2020-A, Class A3, 1.040%, 8/15/2024		57,795
	328,960	Ford Credit Auto Owner Trust, Series 2020-B, Class A3, 0.560%, 10/15/2024		324,766
	570,000	Ford Credit Auto Owner Trust, Series 2021-1, Class A, 1.370%, 10/17/2033, 144A		502,371
	410,000	Foursight Capital Automobile Receivables Trust, Series 2022-1, Class A3, 1.830%, 12/15/2026, 144A		391,977
	340,000	Foursight Capital Automobile Receivables Trust, Series 2022-2, Class A3,, 4.590%, 6/15/2027, 144A		332,562
	45,710	GLS Auto Receivables Issuer Trust, Series 2019-4A, Class B, 2.780%, 9/16/2024, 144A		45,666
	265,000	GLS Auto Receivables Issuer Trust, Series 2020-4A, Class C, 1.140%, 11/17/2025, 144A		259,546
	340,000	GLS Auto Receivables Issuer Trust, Series 2021-2A, Class B, 0.770%, 9/15/2025, 144A		334,096
	995,000	GLS Auto Receivables Issuer Trust, Series 2021-4A, Class B, 1.530%, 4/15/2026, 144A		947,022
	31,588	GM Financial Consumer Automobile Receivables Trust, Series 2019-3, Class A3, 2.180%, 4/16/2024		31,556
	57,417	GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A3, 1.490%, 12/16/2024		56,841
	180,000	GMF Floorplan Owner Revolving Trust, Series 2020-1, Class A, 0.680%, 8/15/2025, 144A		174,023
	201,481	Honda Auto Receivables Owner Trust, Series 2020-2, Class A3, 0.820%, 7/15/2024		198,853
	34,220	Hyundai Auto Receivables Trust, Series 2019-B, Class A3, 1.940%, 2/15/2024		34,182
	89,225	Hyundai Auto Receivables Trust, Series 2020-A, Class A3, 1.410%, 11/15/2024		88,165
	135,509	Mercedes-Benz Auto Receivables Trust, Series 2020-1, Class A3, 0.550%, 2/18/2025		133,575
	865,000	NextGear Floorplan Master Owner Trust, Series 2020-1A, Class A2, 1.550%, 2/15/2025, 144A		856,096
	645,377	Prestige Auto Receivables Trust, Series 2020-1A, Class C, 1.310%, 11/16/2026, 144A		641,391
	430,000	Prestige Auto Receivables Trust, Series 2021-1A, Class C, 1.530%, 2/15/2028, 144A		400,583
	210,000	Santander Consumer Auto Receivables Trust, Series 2020-AA, Class C, 3.710%, 2/17/2026, 144A		208,723
	12,026	Santander Consumer Auto Receivables Trust, Series 2020-BA, Class A3, 0.460%, 8/15/2024, 144A		12,010
	206,900	Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.120%, 1/15/2026		205,319
	157,689	Santander Drive Auto Receivables Trust, Series 2020-4, Class C, 1.010%, 1/15/2026		155,861
	835,000	Santander Drive Auto Receivables Trust, Series 2022-3, Class B, 4.130%, 8/16/2027		812,945
	560,000	Santander Drive Auto Receivables Trust, Series 2022-4, Class B, 4.420%, 11/15/2027		553,808

See accompanying notes to financial statements.

|  64

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		ABS Car Loan — continued
$	285,000	Santander Drive Auto Receivables Trust, Series 2022-5, Class B, 4.430%, 3/15/2027	$	278,811
	440,000	Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.350%, 5/25/2033, 144A		400,145
	84,811	Toyota Auto Receivables Owner Trust, Series 2020-B, Class A3, 1.360%, 8/15/2024		83,978
	185,000	United Auto Credit Securitization Trust, Series 2022-1, Class B, 2.100%, 3/10/2025, 144A		180,442
	320,000	United Auto Credit Securitization Trust, Series 2022-2, Class C, 5.810%, 5/10/2027, 144A		316,160
	400,000	Westlake Automobile Receivables Trust, Series 2020-2A, Class C, 2.010%, 7/15/2025, 144A		396,390
	590,000	Westlake Automobile Receivables Trust, Series 2021-1A, Class B, 0.640%, 3/16/2026, 144A		576,121
	270,000	Westlake Automobile Receivables Trust, Series 2021-2A, Class B, 0.620%, 7/15/2026, 144A		260,750
	1,050,000	Westlake Automobile Receivables Trust, Series 2021-3A, Class C, 1.580%, 1/15/2027, 144A		983,924
	359,283	World Omni Auto Receivables Trust, Series 2020-B, Class A3, 0.630%, 5/15/2025		352,445
	151,699	World Omni Select Auto Trust, Series 2020-A, Class A3, 0.550%, 7/15/2025		150,356
	360,000	World Omni Select Auto Trust, Series 2021-A, Class B, 0.850%, 8/16/2027		336,715
				24,048,670
		ABS Credit Card — 0.3%
	960,000	Mercury Financial Credit Card Master Trust, Series 2022-1A, Class A, 2.500%, 9/21/2026, 144A		888,318
		ABS Home Equity — 0.0%
	1,878	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035(a)		1,860
		ABS Other — 1.5%
	395,000	Affirm Asset Securitization Trust, Series 2021-B, Class A, 1.030%, 8/17/2026, 144A		372,588
	125,000	Affirm Asset Securitization Trust, Series 2022-A, Class A, 4.300%, 5/17/2027, 144A		119,251
	391,885	Aqua Finance Trust, Series 2021-A, Class A, 1.540%, 7/17/2046, 144A		354,833
	140,000	BHG Securitization Trust, Series 2022-C, Class A, 5.320%, 10/17/2035, 144A		140,022
	143,035	Chesapeake Funding II LLC, Series 2020-1A, Class A1, 0.870%, 8/15/2032, 144A		141,433
	120,886	CNH Equipment Trust, Series 2020-A, Class A3, 1.160%, 6/16/2025		118,894
	53,454	Diamond Resorts Owner Trust, Series 2018-1, Class A, 3.700%, 1/21/2031, 144A		52,051
	512,294	Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2, 0.560%, 12/11/2034, 144A		494,790
	180,000	Enterprise Fleet Financing LLC, Series 2022-3, Class A2, 4.380%, 7/20/2029, 144A		177,478
	106,338	Hilton Grand Vacations Trust, Series 2022-2A, Class C, 5.570%, 1/25/2037, 144A		103,230
	110,260	Kubota Credit Owner Trust, Series 2020-1A, Class A3, 1.960%, 3/15/2024, 144A		109,505
	234,435	Marlette Funding Trust, Series 2021-3A, Class A, 0.650%, 12/15/2031, 144A		230,713
	170,000	Marlette Funding Trust, Series 2022-3A, Class A, 5.180%, 11/15/2032, 144A		169,264
	73,805	MVW LLC, Series 2020-1A, Class A, 1.740%, 10/20/2037, 144A		66,917
	1,135,000	OneMain Financial Issuance Trust, Series 2022-S1, Class A, 4.130%, 5/14/2035, 144A		1,078,061
		ABS Other — continued
	216,274	S-Jets Ltd., Series 2017-1, Class A, 3.967%, 8/15/2042, 144A		173,882
	370,000	SCF Equipment Leasing LLC, Series 2022-1A, Class A3, 2.920%, 7/20/2029, 144A		346,620
	99,712	Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class A, 1.330%, 7/20/2037, 144A		93,792
	15,260	Verizon Owner Trust, Series 2019-B, Class A1A, 2.330%, 12/20/2023		15,248
				4,358,572
		ABS Student Loan — 0.1%
	110,524	Massachusetts Educational Financing Authority, Series 2018-A, Class A, 3.850%, 5/25/2033		102,780
	62,100	Navient Private Education Refi Loan Trust, Series 2020-GA, Class A, 1.170%, 9/16/2069, 144A		54,515
	84,419	Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.310%, 1/15/2069, 144A		76,683
	5,565	SoFi Professional Loan Program LLC, Series 2016-B, Class A2B, 2.740%, 10/25/2032, 144A		5,556
	17,454	SoFi Professional Loan Program LLC, Series 2017-E, Class A2B, 2.720%, 11/26/2040, 144A		17,273
				256,807
		ABS Whole Business — 0.2%
	513,600	Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2II, 4.666%, 9/05/2048, 144A		483,498
		Aerospace & Defense — 0.0%
	29,000	Raytheon Technologies Corp., 3.650%, 8/16/2023		28,718
		Agency Commercial Mortgage-Backed Securities — 0.7%
	474,357	FHLMC Multifamily Structured Pass Through Certificates, Series K029, Class A2, 3.320%, 2/25/2023(a)		472,629
	701,647	FHLMC Multifamily Structured Pass Through Certificates, Series K042, Class A2, 2.670%, 12/25/2024		673,844
	1,087,794	FHLMC Multifamily Structured Pass Through Certificates, Series KJ26, Class A2, 2.606%, 7/25/2027		1,024,385
	28,491	FHLMC Multifamily Structured Pass Through Certificates, Series KJ28, Class A1, 1.766%, 2/25/2025		28,064
				2,198,922
		Automotive — 3.4%
	600,000	American Honda Finance Corp., MTN, 2.250%, 1/12/2029		504,197
	145,000	American Honda Finance Corp., MTN, 3.625%, 10/10/2023		143,735
	665,000	Denso Corp., 1.239%, 9/16/2026, 144A		573,393
	675,000	General Motors Co., 5.400%, 10/15/2029		622,381
	390,000	General Motors Financial Co., Inc., 3.800%, 4/07/2025		371,481
	370,000	General Motors Financial Co., Inc., 5.000%, 4/09/2027		350,726
	295,000	Harley-Davidson Financial Services, Inc., 3.350%, 6/08/2025, 144A		276,396
	645,000	Hyundai Capital America, 2.100%, 9/15/2028, 144A		506,550
	195,000	Hyundai Capital America, 2.375%, 2/10/2023, 144A		193,284
	240,000	Kia Corp., 1.000%, 4/16/2024, 144A		224,982
	160,000	Mercedes-Benz Finance North America LLC, 3.350%, 2/22/2023, 144A		159,251
	275,000	Nissan Motor Acceptance Co. LLC, 3.450%, 3/15/2023, 144A		273,184
	205,000	PACCAR Financial Corp., 2.000%, 2/04/2027		183,816

See accompanying notes to financial statements.

65  |

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Automotive — continued
$	555,000	PACCAR Financial Corp., MTN, 4.950%, 10/03/2025	$	556,825
	105,000	PACCAR Financial Corp., MTN, 0.800%, 6/08/2023		102,526
	160,000	PACCAR Financial Corp., MTN, 1.800%, 2/06/2025		149,798
	955,000	PACCAR Financial Corp., MTN, 1.900%, 2/07/2023		947,821
	1,105,000	Stellantis Finance U.S., Inc., 6.375%, 9/12/2032, 144A		1,022,240
	235,000	Toyota Motor Credit Corp., 4.450%, 6/29/2029		226,728
	1,495,000	Toyota Motor Credit Corp., MTN, 4.550%, 9/20/2027		1,460,021
	275,000	Volkswagen Group of America Finance LLC, 3.350%, 5/13/2025, 144A		260,844
	290,000	Volkswagen Group of America Finance LLC, 4.250%, 11/13/2023, 144A		286,949
	590,000	Volkswagen Group of America Finance LLC, 4.350%, 6/08/2027, 144A		554,161
				9,951,289
		Banking — 23.1%
	500,000	ABN AMRO Bank NV, (fixed rate to 12/13/2028, variable rate thereafter), 2.470%, 12/13/2029, 144A		396,335
	1,130,000	Ally Financial, Inc., 4.750%, 6/09/2027		1,042,513
	180,000	American Express Co., 2.550%, 3/04/2027		160,328
	820,000	American Express Co., (fixed rate to 8/03/2032, variable rate thereafter), 4.420%, 8/03/2033		745,769
	525,000	ANZ New Zealand International Ltd., 2.166%, 2/18/2025, 144A		490,425
	565,000	ASB Bank Ltd., (fixed rate to 6/17/2027, variable rate thereafter), 5.284%, 6/17/2032, 144A		530,733
	800,000	Banco Bilbao Vizcaya Argentaria S.A., 0.875%, 9/18/2023		768,680
	1,000,000	Banco Santander S.A, 5.294%, 8/18/2027		941,953
	1,600,000	Banco Santander S.A., 3.892%, 5/24/2024		1,557,424
	840,000	Bank of America Corp., (fixed rate to 4/02/2025, variable rate thereafter), MTN, 3.384%, 4/02/2026		793,478
	395,000	Bank of Ireland Group PLC, 4.500%, 11/25/2023, 144A		387,874
	1,070,000	Bank of Ireland Group PLC, (fixed rate to 9/16/2025, variable rate thereafter), 6.253%, 9/16/2026, 144A		1,047,075
	910,000	Bank of Ireland Group PLC, (fixed rate to 9/30/2026, variable rate thereafter), 2.029%, 9/30/2027, 144A		752,103
	330,000	Bank of Montreal, MTN, 1.500%, 1/10/2025		303,530
	1,580,000	Bank of Montreal, Series H, MTN, 4.700%, 9/14/2027		1,524,666
	425,000	Bank of New York Mellon Corp. (The), 2.050%, 1/26/2027		377,019
	655,000	Bank of New York Mellon Corp. (The), MTN, 1.600%, 4/24/2025		604,980
	295,000	Bank of New York Mellon Corp. (The), MTN, 1.800%, 7/28/2031		225,208
	635,000	Bank of New Zealand, 2.000%, 2/21/2025, 144A		590,820
	690,000	Bank of New Zealand, 2.285%, 1/27/2027, 144A		610,118
	825,000	Bank of Nova Scotia (The), 3.450%, 4/11/2025		790,187
	200,000	Banque Federative du Credit Mutuel S.A., 2.375%, 11/21/2024, 144A		187,807
	840,000	Banque Federative du Credit Mutuel S.A., 4.753%, 7/13/2027, 144A		802,806
	1,080,000	Barclays PLC, (fixed rate to 08/09/2027, variable rate thereafter), 5.501%, 8/09/2028		1,012,432
	485,000	Barclays PLC, (fixed rate to 5/16/2023, variable rate thereafter), 4.338%, 5/16/2024		479,433
	865,000	Canadian Imperial Bank of Commerce, 3.945%, 8/04/2025		835,503
	170,000	Capital One Financial Corp., (fixed rate to 11/02/2031, variable rate thereafter), 2.618%, 11/02/2032		127,221
		Banking — continued
	1,015,000	Capital One Financial Corp., (fixed rate to 12/06/2023, variable rate thereafter), 1.343%, 12/06/2024		964,074
	335,000	Capital One Financial Corp., (fixed rate to 5/10/2027, variable rate thereafter), 4.927%, 5/10/2028		319,167
	255,000	Capital One Financial Corp., (fixed rate to 7/29/2031, variable rate thereafter), 2.359%, 7/29/2032		180,608
	510,000	Citigroup, Inc., (fixed rate to 4/08/2025, variable rate thereafter), 3.106%, 4/08/2026		478,007
	230,000	Citigroup, Inc., (fixed rate to 5/01/2024, variable rate thereafter), 0.981%, 5/01/2025		213,105
	3,065,000	Citigroup, Inc., (fixed rate to 9/29/2025, variable rate thereafter), 5.610%, 9/29/2026		3,048,090
	290,000	Citizens Bank NA, (fixed rate to 08/09/2027, variable rate thereafter), 4.575%, 8/09/2028		276,152
	815,000	Citizens Financial Group, Inc., (fixed rate to 5/21/2032, variable rate thereafter), 5.641%, 5/21/2037		751,552
	225,000	Comerica, Inc., 3.700%, 7/31/2023		223,061
	295,000	Commonwealth Bank of Australia, 2.552%, 3/14/2027, 144A		266,487
	535,000	Cooperatieve Rabobank U.A., (fixed rate to 12/15/2026, variable rate thereafter), 1.980%, 12/15/2027, 144A		455,717
	750,000	Credit Agricole S.A., (fixed rate to 6/16/2025, variable rate thereafter), 1.907%, 6/16/2026, 144A		670,549
	1,605,000	Credit Suisse AG, 5.000%, 7/09/2027		1,480,000
	1,210,000	Credit Suisse Group AG, (fixed rate to 8/11/2027, variable rate thereafter), 6.442%, 8/11/2028, 144A		1,125,482
	500,000	Danske Bank A/S, 3.875%, 9/12/2023, 144A		491,985
	390,000	Danske Bank A/S, (fixed rate to 3/28/2024, variable rate thereafter), 3.773%, 3/28/2025, 144A		375,053
	800,000	Danske Bank A/S, (fixed rate to 9/10/2024, variable rate thereafter), 0.976%, 9/10/2025, 144A		724,410
	1,105,000	Deutsche Bank AG, 5.371%, 9/09/2027		1,066,481
	1,260,000	Deutsche Bank AG, (fixed rate to 7/14/2025, variable rate thereafter), 6.119%, 7/14/2026		1,223,685
	935,000	DNB Bank ASA, (fixed rate to 3/28/2024, variable rate thereafter), 2.968%, 3/28/2025, 144A		901,848
	590,000	DNB Bank ASA, (fixed rate to 9/16/2025, variable rate thereafter), 1.127%, 9/16/2026, 144A		514,950
	850,000	Fifth Third Bancorp, (fixed rate to 7/28/2029, variable rate thereafter), 4.772%, 7/28/2030		793,841
	485,000	Goldman Sachs Group, Inc. (The), (fixed rate to 10/21/2026, variable rate thereafter), 1.948%, 10/21/2027		414,418
	1,125,000	HSBC Holdings PLC, (fixed rate to 08/11/2027, variable rate thereafter), 5.210%, 8/11/2028		1,051,731
	1,405,000	HSBC USA, Inc., 3.750%, 5/24/2024		1,377,066
	555,000	Huntington Bancshares, Inc., (fixed rate to 8/04/2027, variable rate thereafter), 4.443%, 8/04/2028		524,039
	315,000	Huntington National Bank (The), (fixed rate to 5/16/2024, variable rate thereafter), 4.008%, 5/16/2025		308,505
	465,000	JPMorgan Chase & Co., (fixed rate to 4/26/2025, variable rate thereafter), 4.080%, 4/26/2026		447,708
	550,000	JPMorgan Chase & Co., (fixed rate to 6/01/2028, variable rate thereafter), 2.069%, 6/01/2029		445,890
	570,000	JPMorgan Chase & Co., (fixed rate to 9/14/2032, variable rate thereafter), 5.717%, 9/14/2033		539,017
	430,000	KeyBank NA, 4.150%, 8/08/2025		416,796

See accompanying notes to financial statements.

|  66

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Banking — continued
$	280,000	Lloyds Banking Group PLC, (fixed rate to 3/18/2025, variable rate thereafter), 3.511%, 3/18/2026	$	262,125
	375,000	Lloyds Banking Group PLC, (fixed rate to 7/09/2024, variable rate thereafter), 3.870%, 7/09/2025		361,579
	65,000	Macquarie Bank Ltd., 2.300%, 1/22/2025, 144A		61,146
	1,170,000	Macquarie Group Ltd., (fixed rate to 11/09/2032, variable rate thereafter), 5.491%, 11/09/2033, 144A		1,062,096
	1,650,000	Mitsubishi UFJ Financial Group, Inc., (fixed rate to 4/17/2025, variable rate thereafter), 3.837%, 4/17/2026		1,579,256
	785,000	Mitsubishi UFJ Financial Group, Inc., (fixed rate to 9/13/2027, variable rate thereafter), 5.354%, 9/13/2028		765,417
	910,000	Mizuho Financial Group, Inc., (fixed rate to 9/13/2032, variable rate thereafter), 5.669%, 9/13/2033		875,167
	1,130,000	National Bank of Canada, (fixed rate to 6/09/2024, variable rate thereafter), 3.750%, 6/09/2025		1,095,117
	1,625,000	Nationwide Building Society, 4.850%, 7/27/2027, 144A		1,543,014
	620,000	Nationwide Building Society, (fixed rate to 3/08/2023, variable rate thereafter), 3.766%, 3/08/2024, 144A		613,044
	1,215,000	NatWest Markets PLC, 1.600%, 9/29/2026, 144A		1,025,974
	1,305,000	Nordea Bank Abp, 1.500%, 9/30/2026, 144A		1,112,237
	915,000	Nordea Bank Abp, 3.600%, 6/06/2025, 144A		876,982
	575,000	Nordea Bank Abp, 5.375%, 9/22/2027, 144A		560,414
	1,110,000	Norinchukin Bank (The), 4.867%, 9/14/2027, 144A		1,086,772
	210,000	Northern Trust Corp., (fixed rate to 5/08/2027, variable rate thereafter), 3.375%, 5/08/2032		188,429
	690,000	Santander Holdings USA, Inc., 3.450%, 6/02/2025		645,892
	375,000	Santander Holdings USA, Inc., (fixed rate to 9/09/2025, variable rate thereafter), 5.807%, 9/09/2026		366,520
	470,000	Societe Generale S.A., 4.677%, 6/15/2027, 144A		447,901
	390,000	Standard Chartered PLC, (fixed rate to 1/12/2027, variable rate thereafter), 2.608%, 1/12/2028, 144A		328,493
	375,000	Standard Chartered PLC, (fixed rate to 6/29/2031, variable rate thereafter), 2.678%, 6/29/2032, 144A		273,964
	335,000	State Street Corp., (fixed rate to 11/18/2026, variable rate thereafter), 1.684%, 11/18/2027		292,320
	1,015,000	Sumitomo Mitsui Financial Group, Inc., 1.902%, 9/17/2028		817,404
	840,000	Sumitomo Mitsui Trust Bank Ltd., 0.850%, 3/25/2024, 144A		787,961
	200,000	Sumitomo Mitsui Trust Bank Ltd., 2.550%, 3/10/2025, 144A		187,190
	235,000	Swedbank AB, 3.356%, 4/04/2025, 144A		224,668
	945,000	Swedbank AB, 5.337%, 9/20/2027, 144A		915,604
	560,000	Synchrony Bank, 5.400%, 8/22/2025		545,994
	1,020,000	Synchrony Financial, 4.875%, 6/13/2025		983,997
	270,000	Toronto-Dominion Bank, 4.108%, 6/08/2027		254,572
	1,580,000	Toronto-Dominion Bank (The), MTN, 4.693%, 9/15/2027		1,527,372
	820,000	Truist Financial Corp., (fixed rate to 7/28/2032, variable rate thereafter), 4.916%, 7/28/2033		741,210
	260,000	Truist Financial Corp., MTN, (fixed rate to 6/07/2028, variable rate thereafter), 1.887%, 6/07/2029		212,704
	1,175,000	UBS Group AG, (fixed rate to 08/05/2026, variable rate thereafter), 4.703%, 8/05/2027, 144A		1,112,290
	585,000	UniCredit SpA, (fixed rate to 9/22/2025, variable rate thereafter), 2.569%, 9/22/2026, 144A		501,243
		Banking — continued
	1,055,000	Wells Fargo & Co., (fixed rate to 08/15/2025, variable rate thereafter), 4.540%, 8/15/2026		1,021,578
	1,470,000	Wells Fargo & Co., (fixed rate to 4/25/2025, variable rate thereafter), MTN, 3.908%, 4/25/2026		1,405,272
	805,000	Westpac Banking Corp., (fixed rate to 08/10/2032, variable rate thereafter), 5.405%, 8/10/2033		721,908
				67,540,720
		Brokerage — 0.7%
	595,000	Ares Finance Co. IV LLC, 3.650%, 2/01/2052, 144A		364,597
	705,000	Blue Owl Finance LLC, 4.375%, 2/15/2032, 144A		552,482
	195,000	KKR Group Finance Co. XII LLC, 4.850%, 5/17/2032, 144A		179,414
	1,205,000	Nomura Holdings, Inc., 2.329%, 1/22/2027		1,035,755
				2,132,248
		Building Materials — 0.3%
	440,000	Ferguson Finance PLC, 4.650%, 4/20/2032, 144A		387,332
	640,000	Fortune Brands Home & Security, Inc., 4.000%, 3/25/2032		531,080
				918,412
		Chemicals — 0.6%
	360,000	Cabot Corp., 4.000%, 7/01/2029		313,732
	310,000	Cabot Corp., 5.000%, 6/30/2032		278,279
	175,000	Celanese U.S. Holdings LLC, 6.330%, 7/15/2029		163,104
	960,000	Nutrien Ltd., 1.900%, 5/13/2023		942,409
				1,697,524
		Collateralized Mortgage Obligations — 1.2%
	266,456	Government National Mortgage Association, Series 2010-H02, Class FA, 1-month LIBOR + 0.680%, 3.173%, 2/20/2060(b)		265,337
	165,053	Government National Mortgage Association, Series 2010-H03, Class FA, 1-month LIBOR + 0.550%, 3.043%, 3/20/2060(b)		164,074
	105,169	Government National Mortgage Association, Series 2014-H14, Class FA, 1-month LIBOR + 0.500%, 2.298%, 7/20/2064(b)		104,162
	87,348	Government National Mortgage Association, Series 2014-H15, Class FA, 1-month LIBOR + 0.500%, 2.857%, 7/20/2064(b)		86,438
	224	Government National Mortgage Association, Series 2015-H09, Class HA, 1.750%, 3/20/2065(c)		201
	214,619	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065		207,496
	315,437	Government National Mortgage Association, Series 2016-H06, Class FC, 1-month LIBOR + 0.920%, 3.277%, 2/20/2066(b)		312,807
	880,512	Government National Mortgage Association, Series 2018-H17, Class JA, 3.750%, 9/20/2068(a)		837,890
	219,875	Government National Mortgage Association, Series 2019-H01, Class FL, 1-month LIBOR + 0.450%, 2.807%, 12/20/2068(b)		217,785
	678,483	Government National Mortgage Association, Series 2019-H01, Class FT, 1-month LIBOR + 0.400%, 2.757%, 10/20/2068(b)		674,170
	675,292	Government National Mortgage Association, Series 2019-H10, Class FM, 1-month LIBOR + 0.400%, 2.757%, 5/20/2069(b)		667,320
				3,537,680

See accompanying notes to financial statements.

67  |

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Construction Machinery — 1.4%
$	1,340,000	Caterpillar Financial Services Corp., 3.600%, 8/12/2027	$	1,265,158
	300,000	CNH Industrial Capital LLC, 1.950%, 7/02/2023		293,631
	945,000	CNH Industrial Capital LLC, 3.950%, 5/23/2025		911,350
	845,000	John Deere Capital Corp., 4.150%, 9/15/2027		820,010
	895,000	Komatsu Finance America, Inc., 5.499%, 10/06/2027, 144A		895,235
				4,185,384
		Consumer Cyclical Services — 0.3%
	710,000	eBay, Inc., 1.400%, 5/10/2026		621,163
	165,000	Expedia Group, Inc., 6.250%, 5/01/2025, 144A		166,077
				787,240
		Consumer Products — 0.2%
	385,000	Brunswick Corp., 4.400%, 9/15/2032		310,505
	495,000	JAB Holdings BV, 4.500%, 4/08/2052, 144A		318,383
				628,888
		Diversified Manufacturing — 0.5%
	135,000	Amphenol Corp., 2.050%, 3/01/2025		126,321
	895,000	Eaton Corp., 4.150%, 3/15/2033		808,630
	225,000	Kennametal, Inc., 4.625%, 6/15/2028		208,951
	135,000	Timken Co. (The), 4.500%, 12/15/2028		123,280
	275,000	WW Grainger, Inc., 1.850%, 2/15/2025		257,756
				1,524,938
		Electric — 5.5%
	240,000	AEP Texas, Inc., 4.700%, 5/15/2032		220,973
	435,000	AES Corp. (The), 3.300%, 7/15/2025, 144A		401,127
	560,000	Alabama Power Co., 3.940%, 9/01/2032		505,642
	360,000	Alliant Energy Finance LLC, 4.250%, 6/15/2028, 144A		331,676
	550,000	American Electric Power Co., Inc., 2.031%, 3/15/2024		526,385
	245,000	Appalachian Power Co., Series BB, 4.500%, 8/01/2032		220,551
	120,000	Consolidated Edison Co. of New York, Inc., Series B, 2.900%, 12/01/2026		108,895
	225,000	Dominion Energy, Inc., 3.071%, 8/15/2024		215,771
	270,000	DTE Energy Co., 2.250%, 11/01/2022		269,555
	980,000	DTE Energy Co., 4.220%, 11/01/2024		960,821
	1,135,000	Duke Energy Carolinas LLC, 3.050%, 3/15/2023		1,128,881
	1,110,000	Edison International, 4.700%, 8/15/2025		1,075,385
	820,000	Enel Finance International NV, 5.000%, 6/15/2032, 144A		699,093
	605,000	Entergy Corp., 0.900%, 9/15/2025		532,286
	350,000	Eversource Energy, 4.600%, 7/01/2027		337,799
	355,000	ITC Holdings Corp., 4.950%, 9/22/2027, 144A		346,331
	188,000	National Rural Utilities Cooperative Finance Corp., (fixed rate to 4/30/2023, variable rate thereafter), 4.750%, 4/30/2043		171,053
	900,000	NextEra Energy Capital Holdings, Inc., 0.650%, 3/01/2023		886,201
	905,000	NextEra Energy Capital Holdings, Inc., 4.255%, 9/01/2024		891,990
	825,000	Oncor Electric Delivery Co. LLC, 2.750%, 5/15/2030		707,529
	325,000	Oncor Electric Delivery Co. LLC, 4.550%, 9/15/2032, 144A		312,615
	115,000	Pacific Gas & Electric Co., SOFR Index + 1.150%, 3.803%, 11/14/2022(b)		114,749
	525,000	Pacific Gas & Electric Co., 4.950%, 6/08/2025		509,628
	235,000	Public Service Enterprise Group, Inc., 2.875%, 6/15/2024		226,035
	275,000	Puget Energy, Inc., 4.224%, 3/15/2032		237,368
		Electric — continued
	845,000	Southern California Edison Co., SOFR + 0.470%, 3.277%, 12/02/2022(b)		844,314
	825,000	Southern California Edison Co., Series D, 4.700%, 6/01/2027		800,728
	1,040,000	Vistra Operations Co. LLC, 5.125%, 5/13/2025, 144A		1,007,687
	1,540,000	WEC Energy Group, Inc., 0.550%, 9/15/2023		1,475,539
				16,066,607
		Finance Companies — 3.4%
	510,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.150%, 2/15/2024		489,807
	360,000	Air Lease Corp., 1.875%, 8/15/2026		305,093
	555,000	Aircastle Ltd., 2.850%, 1/26/2028, 144A		430,852
	500,000	Ares Capital Corp., 2.875%, 6/15/2028		393,531
	50,000	Ares Capital Corp., 4.250%, 3/01/2025		47,234
	305,000	Aviation Capital Group LLC, 3.875%, 5/01/2023, 144A		299,443
	225,000	Aviation Capital Group LLC, 4.375%, 1/30/2024, 144A		217,600
	545,000	Bain Capital Specialty Finance, Inc., 2.550%, 10/13/2026		446,298
	200,000	Barings BDC, Inc., 3.300%, 11/23/2026, 144A		165,887
	1,115,000	Blackstone Private Credit Fund, 2.625%, 12/15/2026		915,316
	615,000	Blackstone Secured Lending Fund, 2.850%, 9/30/2028		466,474
	650,000	FS KKR Capital Corp., 3.125%, 10/12/2028		504,749
	250,000	GATX Corp., 4.900%, 3/15/2033		224,773
	810,000	Golub Capital BDC, Inc., 2.500%, 8/24/2026		678,983
	695,000	Hercules Capital, Inc., 3.375%, 1/20/2027		576,337
	785,000	Main Street Capital Corp., 3.000%, 7/14/2026		660,899
	600,000	Morgan Stanley Direct Lending Fund, 4.500%, 2/11/2027		532,336
	110,000	Oaktree Specialty Lending Corp., 3.500%, 2/25/2025		104,495
	260,000	Owl Rock Capital Corp., 3.750%, 7/22/2025		238,738
	90,000	Owl Rock Capital Corp., 4.250%, 1/15/2026		82,309
	500,000	Owl Rock Core Income Corp., 5.500%, 3/21/2025		470,402
	280,000	OWL Rock Core Income Corp., 7.750%, 9/16/2027, 144A		275,748
	1,110,000	Owl Rock Technology Finance Corp., 4.750%, 12/15/2025, 144A		999,145
	520,000	USAA Capital Corp., 3.375%, 5/01/2025, 144A		500,949
				10,027,398
		Financial Other — 0.4%
	470,000	LeasePlan Corp. NV, 2.875%, 10/24/2024, 144A		440,970
	185,000	ORIX Corp., 3.250%, 12/04/2024		177,693
	555,000	ORIX Corp., 5.200%, 9/13/2032		527,845
				1,146,508
		Food & Beverage — 1.7%
	120,000	Brown-Forman Corp., 3.500%, 4/15/2025		116,280
	1,095,000	General Mills, Inc., 2.600%, 10/12/2022		1,094,667
	1,925,000	JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.750%, 4/01/2033, 144A		1,738,544
	1,110,000	Nestle Holdings, Inc., 4.300%, 10/01/2032, 144A		1,056,023
	915,000	Pernod Ricard International Finance LLC, 1.250%, 4/01/2028, 144A		749,348
	340,000	Viterra Finance BV, 2.000%, 4/21/2026, 144A		288,806
				5,043,668
		Government Owned – No Guarantee — 0.4%
	800,000	Antares Holdings LP, 3.750%, 7/15/2027, 144A		645,828
	350,000	BOC Aviation USA Corp., 1.625%, 4/29/2024, 144A		330,446
	325,000	DAE Funding LLC, 1.550%, 8/01/2024, 144A		296,928
				1,273,202

See accompanying notes to financial statements.

|  68

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Healthcare — 0.5%
$	650,000	Baxter International, Inc., 2.272%, 12/01/2028	$	536,748
	227,000	Cigna Corp., 3.750%, 7/15/2023		225,328
	92,000	CVS Health Corp., 4.300%, 3/25/2028		86,771
	510,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024		482,234
				1,331,081
		Hybrid ARMs — 0.0%
	17,980	FHLMC, 1-year CMT + 2.225%, 3.201%, 1/01/2035(b)		18,372
	34,559	FHLMC, 1-year CMT + 2.500%, 3.238%, 5/01/2036(b)		35,407
				53,779
		Independent Energy — 0.2%
	530,000	Pioneer Natural Resources Co., 0.550%, 5/15/2023		517,153
		Life Insurance — 6.2%
	535,000	AIG Global Funding, 0.900%, 9/22/2025, 144A		471,356
	635,000	Athene Global Funding, 2.500%, 3/24/2028, 144A		528,585
	410,000	Brighthouse Financial Global Funding, 1.200%, 12/15/2023, 144A		391,046
	780,000	Brighthouse Financial Global Funding, 1.750%, 1/13/2025, 144A		711,377
	985,000	CNO Global Funding, 2.650%, 1/06/2029, 144A		818,391
	830,000	Corebridge Financial, Inc., 3.650%, 4/05/2027, 144A		758,002
	575,000	Equitable Financial Life Global Funding, 1.800%, 3/08/2028, 144A		480,322
	615,000	F&G Global Funding, 2.000%, 9/20/2028, 144A		497,324
	1,170,000	F&G Global Funding, 5.150%, 7/07/2025, 144A		1,146,251
	230,000	GA Global Funding Trust, 1.250%, 12/08/2023, 144A		218,921
	995,000	GA Global Funding Trust, 2.250%, 1/06/2027, 144A		861,729
	665,000	Great-West Lifeco U.S. Finance LP, 0.904%, 8/12/2025, 144A		584,497
	1,370,000	Guardian Life Global Funding, 1.100%, 6/23/2025, 144A		1,230,539
	955,000	Jackson National Life Global Funding, 1.750%, 1/12/2025, 144A		877,604
	155,000	Jackson National Life Global Funding, 3.875%, 6/11/2025, 144A		148,521
	340,000	Lincoln National Corp., 3.400%, 3/01/2032		278,459
	380,000	MassMutual Global Funding II, 4.150%, 8/26/2025, 144A		370,310
	795,000	Metropolitan Life Global Funding I, 0.900%, 6/08/2023, 144A		775,045
	700,000	Metropolitan Life Global Funding I, 0.950%, 7/02/2025, 144A		628,187
	1,070,000	New York Life Global Funding, 2.875%, 4/10/2024, 144A		1,039,816
	775,000	Northwestern Mutual Global Funding, 4.350%, 9/15/2027, 144A		748,290
	550,000	Pacific LifeCorp, 5.400%, 9/15/2052, 144A		515,411
	745,000	Protective Life Global Funding, 1.646%, 1/13/2025, 144A		683,090
	1,175,000	Protective Life Global Funding, 4.714%, 7/06/2027, 144A		1,135,327
	655,000	Reliance Standard Life Global Funding II, 2.750%, 5/07/2025, 144A		611,165
	175,000	Reliance Standard Life Global Funding II, 3.850%, 9/19/2023, 144A		172,503
	770,000	RGA Global Funding, 2.700%, 1/18/2029, 144A		644,595
	755,000	Security Benefit Global Funding, 1.250%, 5/17/2024, 144A		703,964
				18,030,627
		Lodging — 0.3%
	540,000	Marriott International, Inc., 5.000%, 10/15/2027		521,497
		Lodging — continued
	350,000	Marriott International, Inc., Series Z, 4.150%, 12/01/2023		346,053
				867,550
		Media Entertainment — 0.1%
	550,000	Prosus NV, 4.193%, 1/19/2032, 144A		403,579
		Metals & Mining — 0.2%
	200,000	Anglo American Capital PLC, 3.875%, 3/16/2029, 144A		171,863
	155,000	Glencore Funding LLC, 4.125%, 3/12/2024, 144A		152,308
	395,000	Nucor Corp., 3.950%, 5/23/2025		382,809
				706,980
		Midstream — 0.5%
	300,000	Boardwalk Pipelines LP, 3.600%, 9/01/2032		237,220
	25,000	Energy Transfer LP, 4.250%, 3/15/2023		24,933
	255,000	MPLX LP, 4.950%, 3/14/2052		199,556
	950,000	Targa Resources Corp., 5.200%, 7/01/2027		913,878
				1,375,587
		Mortgage Related — 0.7%
	814	FHLMC, 3.000%, 10/01/2026		793
	35	FHLMC, 6.500%, 1/01/2024		37
	17	FHLMC, 8.000%, 7/01/2025		17
	4,865	GNMA, 3.890%, 10/20/2062(a)		4,583
	5,894	GNMA, 3.992%, 5/20/2062(a)		5,655
	13,427	GNMA, 4.015%, 4/20/2063(a)		12,946
	43,763	GNMA, 4.255%, 11/20/2066(a)		42,977
	19,326	GNMA, 4.303%, 6/20/2066(a)		18,883
	39,854	GNMA, 4.388%, 9/20/2066(a)		39,099
	52,816	GNMA, 4.427%, 10/20/2066(a)		51,919
	140,619	GNMA, 4.438%, 10/20/2066(a)		138,520
	35,732	GNMA, 4.471%, 8/20/2066(a)		35,242
	122,923	GNMA, 4.497%, 9/20/2066(a)		121,448
	61,937	GNMA, 4.504%, 11/20/2066(a)		61,042
	5,048	GNMA, 4.541%, 11/20/2064(a)		4,992
	50,356	GNMA, 4.586%, 10/20/2066(a)		49,807
	274,067	GNMA, 4.600%, 7/20/2067(a)		270,493
	706,065	GNMA, 4.644%, 4/20/2067(a)		698,908
	444,802	GNMA, 4.673%, 1/20/2067(a)		440,841
	157,828	GNMA, 4.700%, with various maturities from 2061 to 2064(a)(d)		157,386
	101	GNMA, 6.500%, 12/15/2023		104
				2,155,692
		Natural Gas — 0.1%
	290,000	Sempra Energy, 3.700%, 4/01/2029		259,003
		Non-Agency Commercial Mortgage-Backed Securities — 6.0%
	230,000	BANK, Series 2019-BN24, Class A3, 2.960%, 11/15/2062		197,688
	270,000	BANK, Series 2020-BN25, Class A5, 2.649%, 1/15/2063		226,859
	870,000	BANK, Series 2021-BN37, Class A5, 2.618%, 11/15/2064(a)		706,843
	281,186	Barclays Commercial Mortgage Securities Trust, Series 2017-C1, Class A2, 3.189%, 2/15/2050		280,776
	660,000	Barclays Commercial Mortgage Securities Trust, Series 2020-BID, Class A, 1-month LIBOR + 2.140%, 4.958%, 10/15/2037, 144A(b)		650,049
	865,000	BBCMS Mortgage Trust, Series 2021-C12, Class A5, 2.689%, 11/15/2054		707,325
	285,000	Benchmark Mortgage Trust, Series 2020-B16, Class A5, 2.732%, 2/15/2053		241,338

See accompanying notes to financial statements.

69  |

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	755,000	Benchmark Mortgage Trust, Series 2021-B31, Class A5, 2.669%, 12/15/2054	$	614,048
	520,000	BPR Trust, Series 2021-NRD, Class A, 1-month SOFR + 1.525%, 4.447%, 12/15/2023, 144A(b)		497,682
	360,000	BPR Trust, Series 2022-OANA, Class A, 1-month SOFR + 1.898%, 4.743%, 4/15/2037, 144A(b)		354,604
	491,600	CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3, 3.865%, 1/10/2048		467,253
	361,996	CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A4, 3.283%, 5/10/2058		336,997
	992,138	Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A4, 3.314%, 4/10/2049		928,022
	540,000	Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A4, 3.102%, 12/15/2072		468,735
	535,000	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A		502,898
	263,676	Commercial Mortgage Pass Through Certificates, Series 2013-CR8, Class A5, 3.612%, 6/10/2046(a)		261,702
	21,808	Commercial Mortgage Pass Through Certificates, Series 2014-CR14, Class A2, 3.147%, 2/10/2047		21,569
	50,231	Commercial Mortgage Pass Through Certificates, Series 2014-CR16, Class ASB, 3.653%, 4/10/2047		49,800
	280,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS3, Class A4, 3.819%, 6/10/2047		273,713
	280,000	Commercial Mortgage Pass Through Certificates, Series 2015-DC1, Class A5, 3.350%, 2/10/2048		267,320
	520,299	Commercial Mortgage Pass Through Certificates, Series 2016-DC2, Class A5, 3.765%, 2/10/2049		493,919
	795,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class A2, 3.953%, 9/15/2037, 144A		721,628
	51,733	CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617%, 11/15/2048		50,469
	470,000	CSAIL Commercial Mortgage Trust, Series 2019-C18, Class A4, 2.968%, 12/15/2052		405,369
	605,000	GS Mortgage Securities Corp. II, Series 2012-BWTR, Class A, 2.954%, 11/05/2034, 144A		574,774
	440,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class A, 3.668%, 3/05/2033, 144A(a)		401,256
	330,000	GS Mortgage Securities Trust, Series 2014-GC18, Class A4, 4.074%, 1/10/2047		324,822
	245,000	GS Mortgage Securities Trust, Series 2020-GC45, Class A5, 2.911%, 2/13/2053		209,992
	180,000	Hudsons Bay Simon JV Trust, Series 2015-HB10, Class A10, 4.155%, 8/05/2034, 144A		156,957
	355,000	Hudsons Bay Simon JV Trust, Series 2015-HB7, Class A7, 3.914%, 8/05/2034, 144A		314,834
	31,504	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-C19, Class ASB, 3.584%, 4/15/2047		31,137
	575,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-COR5, Class A4, 3.386%, 6/13/2052		512,290
	470,000	MedTrust, Series 2021-MDLN, Class A, 1-month LIBOR + 0.950%, 3.768%, 11/15/2038, 144A(b)		451,161
	240,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C10, Class A4, 4.206%, 7/15/2046(a)		237,940
	129,604	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A4, 3.306%, 4/15/2048		123,246
	550,000	Morgan Stanley Capital I Trust, Series 2020-L4, Class A3, 2.698%, 2/15/2053		464,879
		Non-Agency Commercial Mortgage-Backed Securities — continued
	845,000	New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.910%, 10/20/2061, 144A		715,015
	980,000	SPGN Mortgage Trust, Series 2022-TFLM. Class A, 1-month SOFR + 1.550%, 4.395%, 2/15/2039, 144A(b)		934,416
	201,215	UBS-Barclays Commercial Mortgage Trust, Series 2012-TFT, Class A, 2.892%, 6/05/2030, 144A		193,731
	565,000	UBS-Barclays Commercial Mortgage Trust, Series 2013-C6, Class A4, 3.244%, 4/10/2046		560,369
	201,109	Wells Fargo Commercial Mortgage Trust, Series 2016-C33, Class A4, 3.426%, 3/15/2059		188,389
	490,000	Wells Fargo Commercial Mortgage Trust, Series 2020-C58, Class A4, 2.092%, 7/15/2053		386,987
	825,000	Wells Fargo Commercial Mortgage Trust, Series 2022-C62, Class A4, 4.000%, 4/15/2055(a)		744,592
	325,000	WFRBS Commercial Mortgage Trust, Series 2014-C19, Class A5, 4.101%, 3/15/2047		319,775
	102,746	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class ASB, 3.638%, 5/15/2047		101,398
				17,674,566
		Packaging — 0.1%
	335,000	Amcor Flexibles North America, Inc., 4.000%, 5/17/2025		323,393
		Pharmaceuticals — 0.2%
	440,000	Amgen, Inc., 4.200%, 3/01/2033		398,483
	235,000	Bayer U.S. Finance II LLC, 3.375%, 7/15/2024, 144A		226,676
				625,159
		Property & Casualty Insurance — 0.2%
	135,000	Assurant, Inc., 4.200%, 9/27/2023		134,250
	400,000	Fairfax Financial Holdings Ltd., 5.625%, 8/16/2032, 144A		368,812
	240,000	Trustage Financial Group, Inc., 4.625%, 4/15/2032, 144A		207,201
				710,263
		Railroads — 0.1%
	215,000	Union Pacific Corp., 3.646%, 2/15/2024		211,819
		REITs – Apartments — 0.1%
	225,000	Invitation Homes Operating Partnership LP, 2.000%, 8/15/2031		161,410
		REITs – Diversified — 0.3%
	810,000	Digital Realty Trust LP, 5.550%, 1/15/2028		803,240
		REITs – Health Care — 0.1%
	235,000	Omega Healthcare Investors, Inc., 4.500%, 1/15/2025		229,006
		REITs – Office Property — 0.5%
	890,000	Hudson Pacific Properties LP, 5.950%, 2/15/2028		852,368
	190,000	Office Properties Income Trust, 2.400%, 2/01/2027		136,858
	560,000	Office Properties Income Trust, 3.450%, 10/15/2031		338,351
	205,000	Office Properties Income Trust, 4.500%, 2/01/2025		182,233
				1,509,810
		REITs – Storage — 0.1%
	215,000	Extra Space Storage LP, 3.900%, 4/01/2029		191,424
		Restaurants — 0.1%
	420,000	McDonald’s Corp., MTN, 3.350%, 4/01/2023		417,409
		Retailers — 0.9%
	345,000	AutoNation, Inc., 3.500%, 11/15/2024		331,787
	290,000	AutoNation, Inc., 4.500%, 10/01/2025		280,705
	580,000	Home Depot, Inc. (The), 4.500%, 9/15/2032		554,379
	190,000	Tapestry, Inc., 3.050%, 3/15/2032		141,754

See accompanying notes to financial statements.

|  70

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Retailers — continued
$	1,245,000	Walgreens Boots Alliance, Inc., 0.950%, 11/17/2023	$	1,191,833
				2,500,458
		Sovereigns — 0.2%
	585,000	Mexico Government International Bond, 4.875%, 5/19/2033		514,206
		Technology — 2.6%
	485,000	Avnet, Inc., 5.500%, 6/01/2032		440,378
	440,000	Broadcom, Inc., 4.000%, 4/15/2029, 144A		387,832
	870,000	CDW LLC/CDW Finance Corp., 3.276%, 12/01/2028		723,953
	505,000	Equifax, Inc., 5.100%, 12/15/2027		488,584
	630,000	Fidelity National Information Services, Inc., 4.700%, 7/15/2027		606,379
	165,000	Flex Ltd., 4.875%, 6/15/2029		149,127
	525,000	Global Payments, Inc., 1.500%, 11/15/2024		482,354
	280,000	Global Payments, Inc., 4.950%, 8/15/2027		266,767
	805,000	HP, Inc., 4.750%, 1/15/2028		755,430
	315,000	Infor, Inc., 1.450%, 7/15/2023, 144A		303,925
	560,000	Intel Corp., 4.150%, 8/05/2032		509,959
	215,000	Jabil, Inc., 4.250%, 5/15/2027		200,409
	515,000	KLA Corp., 4.650%, 7/15/2032		494,416
	175,000	Marvell Technology, Inc., 4.200%, 6/22/2023		174,470
	285,000	Microchip Technology, Inc., 0.972%, 2/15/2024		268,516
	460,000	Microchip Technology, Inc., 2.670%, 9/01/2023		448,288
	500,000	PayPal Holdings, Inc., 4.400%, 6/01/2032		466,018
	200,000	Qorvo, Inc., 1.750%, 12/15/2024, 144A		184,362
	170,000	Western Digital Corp., 2.850%, 2/01/2029		132,114
	165,000	Western Union Co. (The), 4.250%, 6/09/2023		164,292
				7,647,573
		Tobacco — 0.6%
	585,000	Altria Group, Inc., 2.450%, 2/04/2032		412,845
	715,000	BAT Capital Corp., 4.700%, 4/02/2027		667,143
	65,000	BAT Capital Corp., 4.742%, 3/16/2032		54,375
	490,000	Imperial Brands Finance PLC, 6.125%, 7/27/2027, 144A		482,827
				1,617,190
		Transportation Services — 0.6%
	450,000	Element Fleet Management Corp., 3.850%, 6/15/2025, 144A		425,886
	175,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 4.000%, 7/15/2025, 144A		166,790
	695,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 4.125%, 8/01/2023, 144A		688,409
	255,000	Ryder System, Inc., MTN, 3.750%, 6/09/2023		253,310
	370,000	Ryder System, Inc., MTN, 4.625%, 6/01/2025		362,921
				1,897,316
		Treasuries — 22.0%
	8,465,000	U.S. Treasury Note, 0.375%, 12/31/2025		7,485,242
	1,605,000	U.S. Treasury Note, 0.500%, 3/31/2025		1,464,249
	11,800,000	U.S. Treasury Note, 1.125%, 10/31/2026		10,461,898
	6,825,000	U.S. Treasury Note, 1.875%, 2/28/2027		6,215,549
	9,405,000	U.S. Treasury Note, 2.500%, 5/31/2024		9,133,137
	4,865,000	U.S. Treasury Note, 2.625%, 5/31/2027		4,567,019
	3,240,000	U.S. Treasury Note, 2.750%, 4/30/2027		3,057,624
	8,045,000	U.S. Treasury Note, 2.750%, 7/31/2027		7,575,499
	3,985,000	U.S. Treasury Note, 2.750%, 8/15/2032		3,643,784
	1,485,000	U.S. Treasury Note, 3.250%, 8/31/2024		1,458,200
	9,900,000	U.S. Treasury Note, 3.250%, 6/30/2027		9,541,125
				64,603,326

Principal Amount		Description	Value (†)
		Wireless — 0.2%
$	455,000	Crown Castle, Inc., 2.900%, 3/15/2027	$	403,872
	200,000	SK Telecom Co. Ltd., 3.750%, 4/16/2023, 144A		198,379
				602,251
		Total Bonds and Notes (Identified Cost $308,919,622)		286,667,921
	Short-Term Investments — 2.0%
	2,651,372	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2022 at 1.100% to be repurchased at $2,651,615 on 10/03/2022 collateralized by $3,095,800 U.S. Treasury Bond, 3.000% due 8/15/2052 valued at $2,704,472 including accrued interest (Note 2 of Notes to Financial Statements)		2,651,372
	3,195,000	U.S. Treasury Bills,(e) 2.747%, 11/25/2022		3,181,765
		Total Short-Term Investments (Identified Cost $5,832,965)		5,833,137
		Total Investments — 99.8% (Identified Cost $314,752,587)		292,501,058
		Other assets less liabilities — 0.2%		462,605
		Net Assets — 100.0%	$	292,963,663
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of September 30, 2022 is disclosed.
	(b)	Variable rate security. Rate as of September 30, 2022 is disclosed.
	(c)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(d)	The Fund’s investment in mortgage related securities of Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(e)	Interest rate represents discount rate at time of purchase; not a coupon rate.
	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2022, the value of Rule 144A holdings amounted to $91,075,542 or 31.1% of net assets.
	ABS	Asset-Backed Securities
	ARMs	Adjustable Rate Mortgages
	CMT	Constant Maturity Treasury
	FHLMC	Federal Home Loan Mortgage Corp.
	GNMA	Government National Mortgage Association
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts
	SOFR	Secured Overnight Financing Rate

See accompanying notes to financial statements.

71  |

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Intermediate Duration Bond Fund – (continued)

At September 30, 2022, open long futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
5 Year U.S. Treasury Note		12/30/2022		374	$	41,628,660	$	40,207,922	$	(1,420,738	)

At September 30, 2022, open short futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra Long U.S. Treasury Bond		12/20/2022		12	$	1,792,972	$	1,644,000	$	148,972

Industry Summary at September 30, 2022

Banking	23.1	%
Treasuries	22.0
ABS Car Loan	8.2
Life Insurance	6.2
Non-Agency Commercial Mortgage-Backed Securities	6.0
Electric	5.5
Finance Companies	3.4
Automotive	3.4
Technology	2.6
Other Investments, less than 2% each	17.4
Short-Term Investments	2.0
Total Investments	99.8
Other assets less liabilities (including futures contracts)	0.2
Net Assets	100.0	%

See accompanying notes to financial statements.

|  72

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Limited Term Government and Agency Fund

Principal Amount		Description	Value (†)
	Bonds and Notes — 95.8% of Net Assets
		ABS Car Loan — 3.1%
$	137,901	AmeriCredit Automobile Receivables Trust, Series 2020-2, Class A3, 0.660%, 12/18/2024	$	137,044
	3,220,000	Avis Budget Rental Car Funding AESOP LLC, Series 2022-1A, Class A, 3.830%, 8/21/2028, 144A		3,046,893
	526,545	CarMax Auto Owner Trust, Series 2020-2, Class A3, 1.700%, 11/15/2024		523,524
	1,865,000	Carvana Auto Receivables Trust, Series 2021-N2, Class A2, 0.970%, 3/10/2028		1,726,029
	9,695,000	Credit Acceptance Auto Loan Trust, Series 2020-3A, Class A, 1.240%, 10/15/2029, 144A		9,415,886
	65,124	Flagship Credit Auto Trust, Series 2020-3, Class A, 0.700%, 4/15/2025, 144A		64,954
	198,658	Ford Credit Auto Owner Trust, Series 2020-A, Class A3, 1.040%, 8/15/2024		196,502
	103,538	GM Financial Consumer Automobile Receivables Trust, Series 2019-3, Class A3, 2.180%, 4/16/2024		103,434
	146,257	GM Financial Consumer Automobile Receivables Trust, Series 2019-4, Class A3, 1.750%, 7/16/2024		145,773
	289,055	GM Financial Consumer Automobile Receivables Trust, Series 2020-1, Class A3, 1.840%, 9/16/2024		287,385
	197,990	GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A3, 1.490%, 12/16/2024		196,004
	655,000	GM Financial Revolving Receivables Trust, Series 2021-1, Class A, 1.170%, 6/12/2034, 144A		566,493
	149,124	Honda Auto Receivables Owner Trust, Series 2020-1, Class A3, 1.610%, 4/22/2024		147,868
	307,038	Hyundai Auto Receivables Trust, Series 2020-A, Class A3, 1.410%, 11/15/2024		303,392
	823,599	Nissan Auto Receivables Owner Trust, Series 2020-A, Class A3, 1.380%, 12/16/2024		814,191
	620,000	PenFed Auto Receivables Owner Trust, Series 2022-A, Class A4, 4.180%, 12/15/2028, 144A		609,678
	29,668	Santander Consumer Auto Receivables Trust, Series 2020-AA, Class A, 1.370%, 10/15/2024, 144A		29,659
	765,000	Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.350%, 5/25/2033, 144A		695,706
	4,365,000	Toyota Auto Loan Extended Note Trust, Series 2022-1A, Class A, 3.820%, 4/25/2035, 144A		4,184,047
	147,776	Toyota Auto Receivables Owner Trust, Series 2020-A, Class A3, 1.660%, 5/15/2024		146,815
	284,115	Toyota Auto Receivables Owner Trust, Series 2020-B, Class A3, 1.360%, 8/15/2024		281,326
	33,561	World Omni Auto Receivables Trust, Series 2019-B, Class A3, 2.590%, 7/15/2024		33,545
				23,656,148
		ABS Other — 0.7%
	491,294	Chesapeake Funding II LLC, Series 2020-1A, Class A1, 0.870%, 8/15/2032, 144A		485,791
	207,924	CNH Equipment Trust, Series 2020-A, Class A3, 1.160%, 6/16/2025		204,497
	201,239	Diamond Resorts Owner Trust, Series 2018-1, Class A, 3.700%, 1/21/2031, 144A		195,958
	1,449,889	Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2, 0.560%, 12/11/2034, 144A		1,400,349
	675,000	Enterprise Fleet Financing LLC, Series 2022-3, Class A2, 4.380%, 7/20/2029, 144A		665,542
	348,077	Kubota Credit Owner Trust, Series 2020-1A, Class A3, 1.960%, 3/15/2024, 144A		345,693
	419,634	MVW LLC, Series 2020-1A, Class A, 1.740%, 10/20/2037, 144A		380,474
		ABS Other — continued
$	689,236	Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class A, 1.330%, 7/20/2037, 144A	$	648,314
	839,635	Welk Resorts LLC, Series 2019-AA, Class A, 2.800%, 6/15/2038, 144A		795,193
				5,121,811
		ABS Student Loan — 1.0%
	1,776,114	Navient Private Education Refi Loan Trust, Series 2019-FA, Class A2, 2.600%, 8/15/2068, 144A		1,644,788
	554,194	Navient Private Education Refi Loan Trust, Series 2020-DA, Class A, 1.690%, 5/15/2069, 144A		501,213
	1,768,380	Navient Private Education Refi Loan Trust, Series 2021-CA, Class A, 1.060%, 10/15/2069, 144A		1,514,170
	4,085,970	Navient Private Education Refi Loan Trust, Series 2021-EA, Class A, 0.970%, 12/16/2069, 144A		3,430,899
	1,051,548	SMB Private Education Loan Trust, Series 2021-D, Class A1A, 1.340%, 3/17/2053, 144A		924,099
	18,064	SoFi Professional Loan Program LLC, Series 2016-D, Class A1, 1-month LIBOR + 0.950%, 4.034%, 1/25/2039, 144A(a)		18,009
				8,033,178
		Agency Commercial Mortgage-Backed Securities — 38.3%
	3,918,437	Federal Home Loan Mortgage Corp., Series Q016, Class APT1, 1.242%, 5/25/2051(b)		3,508,411
	11,380,000	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K747, Class A2, 2.050%, 11/25/2028(b)		9,830,715
	7,165,000	Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KJ37, Class A2, 2.333%, 11/25/2030		6,272,302
	3,244,816	Federal National Mortgage Association, Series 2014-M2, Class A2, 3.513%, 12/25/2023(b)		3,203,355
	17,606	Federal National Mortgage Association, Series 2016-M3, Class ASQ2, 2.263%, 2/25/2023		17,540
	2,754,033	Federal National Mortgage Association, Series 2020-M5, Class FA, 1-month LIBOR + 0.460%, 3.024%, 1/25/2027(a)		2,739,781
	8,078,171	FHLMC Multifamily Structured Pass Through Certificates, Series KJ20, Class A2, 3.799%, 12/25/2025		7,894,463
	3,552,733	FHLMC Multifamily Structured Pass Through Certificates, Series K-F100, Class AS, 30-day Average SOFR + 0.180%, 2.464%, 1/25/2028(a)		3,487,436
	7,900,000	FHLMC Multifamily Structured Pass Through Certificates, Series K034, Class A2, 3.531%, 7/25/2023(b)		7,838,087
	7,770,210	FHLMC Multifamily Structured Pass Through Certificates, Series K035, Class A2, 3.458%, 8/25/2023(b)		7,703,152
	7,500,000	FHLMC Multifamily Structured Pass Through Certificates, Series K038, Class A2, 3.389%, 3/25/2024		7,389,389
	2,580,000	FHLMC Multifamily Structured Pass Through Certificates, Series K064, Class A2, 3.224%, 3/25/2027		2,444,085
	19,138,779	FHLMC Multifamily Structured Pass Through Certificates, Series K139, Class A1, 2.209%, 10/25/2031		16,752,244
	8,000,000	FHLMC Multifamily Structured Pass Through Certificates, Series KC06, Class A2, 2.541%, 8/25/2026		7,488,190

See accompanying notes to financial statements.

73  |

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Limited Term Government and Agency Fund – (continued)

Principal Amount		Description	Value (†)
		Agency Commercial Mortgage-Backed Securities — continued
$	17,334,308	FHLMC Multifamily Structured Pass Through Certificates, Series KF123, Class AS, 30-day Average SOFR + 0.200%, 2.484%, 9/25/2028(a)	$	17,037,267
	297,828	FHLMC Multifamily Structured Pass Through Certificates, Series KF14, Class A, 1-month LIBOR + 0.650%, 3.203%, 1/25/2023(a)		297,830
	1,574,605	FHLMC Multifamily Structured Pass Through Certificates, Series KF53, Class A, 1-month LIBOR + 0.390%, 2.943%, 10/25/2025(a)		1,562,720
	7,507,707	FHLMC Multifamily Structured Pass Through Certificates, Series KF72, Class A, 1-month LIBOR + 0.500%, 3.053%, 10/25/2026(a)		7,481,405
	5,593,638	FHLMC Multifamily Structured Pass Through Certificates, Series KF74, Class AS, 1-month Average Compounded SOFR + 0.530%, 2.815%, 1/25/2027(a)		5,574,033
	7,893,174	FHLMC Multifamily Structured Pass Through Certificates, Series KF77, Class AL, 1-month LIBOR + 0.700%, 3.253%, 2/25/2027(a)		7,862,004
	10,381,546	FHLMC Multifamily Structured Pass Through Certificates, Series KF77, Class AS, 30-day Average SOFR + 0.900%, 3.184%, 2/25/2027(a)		10,410,490
	25,949,920	FHLMC Multifamily Structured Pass Through Certificates, Series KF78, Class AL, 1-month LIBOR + 0.800%, 3.353%, 3/25/2030(a)		25,965,630
	25,949,920	FHLMC Multifamily Structured Pass Through Certificates, Series KF78, Class AS, 30-day Average SOFR + 1.000%, 3.284%, 3/25/2030(a)		25,982,682
	4,092,689	FHLMC Multifamily Structured Pass Through Certificates, Series KF79, Class AL, 1-month LIBOR + 0.470%, 3.023%, 5/25/2030(a)		4,084,747
	3,776,570	FHLMC Multifamily Structured Pass Through Certificates, Series KF79, Class AS, 30-day Average SOFR + 0.580%, 2.864%, 5/25/2030(a)		3,722,244
	5,840,698	FHLMC Multifamily Structured Pass Through Certificates, Series KF80, Class AL, 1-month LIBOR + 0.440%, 2.993%, 6/25/2030(a)		5,786,765
	3,281,663	FHLMC Multifamily Structured Pass Through Certificates, Series KF80, Class AS, 30-day Average SOFR + 0.510%, 2.794%, 6/25/2030(a)		3,247,123
	1,410,131	FHLMC Multifamily Structured Pass Through Certificates, Series KF81, Class AL, 1-month LIBOR + 0.360%, 2.913%, 6/25/2027(a)		1,399,815
	1,057,598	FHLMC Multifamily Structured Pass Through Certificates, Series KF81, Class AS, 30-day Average SOFR + 0.400%, 2.684%, 6/25/2027(a)		1,050,698
	821,448	FHLMC Multifamily Structured Pass Through Certificates, Series KF84, Class AL, 1-month LIBOR + 0.300%, 2.853%, 7/25/2030(a)		803,880
	691,059	FHLMC Multifamily Structured Pass Through Certificates, Series KF84, Class AS, 30-day Average SOFR + 0.320%, 2.604%, 7/25/2030(a)		670,975
	326,252	FHLMC Multifamily Structured Pass Through Certificates, Series KF85, Class AL, 1-month LIBOR + 0.300%, 2.853%, 8/25/2030(a)		322,081
		Agency Commercial Mortgage-Backed Securities — continued
$	869,712	FHLMC Multifamily Structured Pass Through Certificates, Series KF85, Class AS, 30-day Average SOFR + 0.330%, 2.614%, 8/25/2030(a)	$	856,950
	1,019,154	FHLMC Multifamily Structured Pass Through Certificates, Series KF86, Class AL, 1-month LIBOR + 0.290%, 2.843%, 8/25/2027(a)		1,008,439
	910,075	FHLMC Multifamily Structured Pass Through Certificates, Series KF86, Class AS, 30-day Average SOFR + 0.320%, 2.604%, 8/25/2027(a)		900,181
	9,008,896	FHLMC Multifamily Structured Pass Through Certificates, Series KJ21, Class A2, 3.700%, 9/25/2026		8,731,030
	7,147,037	FHLMC Multifamily Structured Pass Through Certificates, Series KJ26, Class A2, 2.606%, 7/25/2027		6,730,430
	317,894	FHLMC Multifamily Structured Pass Through Certificates, Series KJ28, Class A1, 1.766%, 2/25/2025		313,132
	16,300,000	FHLMC Multifamily Structured Pass Through Certificates, Series KJ42, Class A2, 4.118%, 11/25/2032		15,647,511
	8,515,000	FHLMC Multifamily Structured Pass Through Certificates, Series KS12, Class A, 1-month LIBOR + 0.650%, 3.203%, 8/25/2029(a)		8,484,453
	2,855,000	FHLMC Multifamily Structured Pass Through Certificates, Series KS14, Class AL, 1-month LIBOR + 0.340%, 2.893%, 4/25/2030(a)		2,816,675
	3,140,000	FHLMC Multifamily Structured Pass Through Certificates, Series KS14, Class AS, 30-day Average SOFR + 0.370%, 2.654%, 4/25/2030(a)		3,063,406
	1,372,520	FHLMC Multifamily Structured Pass Through Certificates, Series Q008, Class A, 1-month LIBOR + 0.390%, 2.943%, 10/25/2045(a)		1,365,185
	5,200,000	FNMA, 3.580%, 1/01/2026		5,042,862
	15,093,884	Freddie Mac Multifamily Structured Pass Through Certificates, Series K-107, Class AS, 30-day Average SOFR + 0.250%, 2.534%, 3/25/2028(a)		14,890,378
	9,073,574	Freddie Mac Multifamily Structured Pass Through Certificates, Series K-F121, Class AS, 30-day Average SOFR + 0.180%, 2.464%, 8/25/2028(a)		8,920,338
	675,911	Freddie Mac Multifamily Structured Pass Through Certificates, Series KF93, Class AL, 1-month LIBOR + 0.280%, 2.833%, 10/25/2027(a)		669,839
	811,531	Freddie Mac Multifamily Structured Pass Through Certificates, Series KF93, Class AS, 30-day Average SOFR + 0.310%, 2.594%, 10/25/2027(a)		804,939
	3,538,588	Freddie Mac Multifamily Structured Pass Through Certificates, Series KF97, Class AS, 30-day Average SOFR + 0.250%, 2.534%, 12/25/2030(a)		3,471,133
	1,595,593	Freddie Mac Multifamily Structured Pass Through Certificates, Series Q015, Class A, 30-day Average SOFR + 0.200%, 2.485%, 8/25/2024(a)		1,592,173
	94,325	Government National Mortgage Association, Series 2003-72, Class Z, 5.332%, 11/16/2045(b)		92,545
				295,233,138

See accompanying notes to financial statements.

|  74

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Limited Term Government and Agency Fund – (continued)

Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — 14.0%
$	2,272	Federal Home Loan Mortgage Corp., REMIC, Series 1500, Class FD, 7-year CMT – 0.200%, 2.830%, 5/15/2023(a)(c)	$	2,199
	2,516	Federal Home Loan Mortgage Corp., REMIC, Series 1552, Class I, 10-year CMT – 0.650%, 2.220%, 8/15/2023(a)(c)		2,431
	52,927	Federal Home Loan Mortgage Corp., REMIC, Series 2131, Class ZB, 6.000%, 3/15/2029(c)		51,619
	432,699	Federal Home Loan Mortgage Corp., REMIC, Series 2978, Class JG, 5.500%, 5/15/2035(c)		433,093
	628,666	Federal Home Loan Mortgage Corp., REMIC, Series 3036, Class NE, 5.000%, 9/15/2035(c)		626,995
	211,140	Federal Home Loan Mortgage Corp., REMIC, Series 3412, Class AY, 5.500%, 2/15/2038(c)		203,288
	647,802	Federal Home Loan Mortgage Corp., REMIC, Series 3561, Class W, IO, 2.500%, 6/15/2048(b)(d)		595,409
	560,973	Federal Home Loan Mortgage Corp., REMIC, Series 3620, Class AT, IO, 3.823%, 12/15/2036(b)(d)		551,052
	98,978	Federal Home Loan Mortgage Corp., REMIC, Series 4212, Class FW, 4.918%, 6/15/2043(b)(c)		86,776
	4,602	Federal National Mortgage Association, REMIC, Series 1994-42, Class FD, 10-year CMT – 0.500%, 2.550%, 4/25/2024(a)(c)		4,436
	5,773	Federal National Mortgage Association, REMIC, Series 2002-W10, Class A7, 4.152%, 8/25/2042(b)(c)		5,394
	611,844	Federal National Mortgage Association, REMIC, Series 2003-48, Class GH, 5.500%, 6/25/2033(c)		618,964
	48,969	Federal National Mortgage Association, REMIC, Series 2005-100, Class BQ, 5.500%, 11/25/2025(c)		47,377
	308,383	Federal National Mortgage Association, REMIC, Series 2007-73, Class A1, 1-month LIBOR + 0.060%, 2.426%, 7/25/2037(a)(c)		300,080
	593,414	Federal National Mortgage Association, REMIC, Series 2008-86, Class LA, 3.442%, 8/25/2038(b)		558,197
	1,163,651	Federal National Mortgage Association, REMIC, Series 2012-56, Class FK, 1-month LIBOR + 0.450%, 3.534%, 6/25/2042(a)		1,152,245
	1,385,249	Federal National Mortgage Association, REMIC, Series 2012-58, Class KF, 1-month LIBOR + 0.550%, 3.634%, 6/25/2042(a)		1,381,693
	3,180,329	Federal National Mortgage Association, REMIC, Series 2012-83, Class LF, 1-month LIBOR + 0.510%, 3.594%, 8/25/2042(a)		3,156,315
	1,840,298	Federal National Mortgage Association, REMIC, Series 2013-67, Class NF, 1-month LIBOR + 1.000%, 4.084%, 7/25/2043(a)		1,733,120
	3,317,947	Federal National Mortgage Association, REMIC, Series 2015-4, Class BF, 1-month LIBOR + 0.400%, 3.484%, 2/25/2045(a)		3,269,585
	5,502,050	Federal National Mortgage Association, REMIC, Series 2020-35, Class FA, 1-month LIBOR + 0.500%, 2.873%, 6/25/2050(a)		5,392,366
	5,289	FHLMC Structured Pass Through Securities, Series T-60, Class 2A1, 3.568%, 3/25/2044(b)(c)		4,336
	275,715	FHLMC Structured Pass Through Securities, Series T-62, Class 1A1, 12-month MTA + 1.200%, 2.304%, 10/25/2044(a)(c)		286,045
	1,011,301	Government National Mortgage Association, Series 2005-18, Class F, 1-month LIBOR + 0.200%, 3.214%, 2/20/2035(a)		1,005,532
	758,317	Government National Mortgage Association, Series 2007-59, Class FM, 1-month LIBOR + 0.520%, 3.534%, 10/20/2037(a)(c)		755,767
		Collateralized Mortgage Obligations — continued
	240,919	Government National Mortgage Association, Series 2009-H01, Class FA, 1-month LIBOR + 1.150%, 4.164%, 11/20/2059(a)(c)		240,462
	686,969	Government National Mortgage Association, Series 2010-H20, Class AF, 1-month LIBOR + 0.330%, 2.687%, 10/20/2060(a)		680,412
	544,509	Government National Mortgage Association, Series 2010-H24, Class FA, 1-month LIBOR + 0.350%, 2.707%, 10/20/2060(a)		538,974
	352,251	Government National Mortgage Association, Series 2010-H27, Class FA, 1-month LIBOR + 0.380%, 2.737%, 12/20/2060(a)		348,793
	35,185	Government National Mortgage Association, Series 2011- H20, Class FA, 1-month LIBOR + 0.550%, 2.907%, 9/20/2061(a)		34,954
	443,766	Government National Mortgage Association, Series 2011-H06, Class FA, 1-month LIBOR + 0.450%, 2.807%, 2/20/2061(a)		440,083
	27,013	Government National Mortgage Association, Series 2011-H08, Class FA, 1-month LIBOR + 0.600%, 2.957%, 2/20/2061(a)		26,871
	28,890	Government National Mortgage Association, Series 2011-H23, Class HA, 3.000%, 12/20/2061(c)		26,447
	26,481	Government National Mortgage Association, Series 2012-124, Class HT, 6.500%, 7/20/2032(b)(c)		25,648
	2,317,625	Government National Mortgage Association, Series 2012-18, Class FM, 1-month LIBOR + 0.250%, 3.264%, 9/20/2038(a)		2,309,215
	89	Government National Mortgage Association, Series 2012-H15, Class FA, 1-month LIBOR + 0.450%, 2.807%, 5/20/2062(a)(c)		85
	325,963	Government National Mortgage Association, Series 2012-H18, Class NA, 1-month LIBOR + 0.520%, 2.877%, 8/20/2062(a)		324,132
	1,196,920	Government National Mortgage Association, Series 2012-H20, Class PT, 3.664%, 7/20/2062(b)		1,193,174
	16,382	Government National Mortgage Association, Series 2012-H29, Class HF, 1-month LIBOR + 0.500%, 2.857%, 10/20/2062(a)(c)		15,691
	27,460	Government National Mortgage Association, Series 2013-H02, Class GF, 1-month LIBOR + 0.500%, 2.857%, 12/20/2062(a)(c)		26,373
	1,041,779	Government National Mortgage Association, Series 2013-H08, Class FA, 1-month LIBOR + 0.350%, 2.707%, 3/20/2063(a)		1,033,591
	1,056,319	Government National Mortgage Association, Series 2013-H10, Class FA, 1-month LIBOR + 0.400%, 2.757%, 3/20/2063(a)		1,047,144
	145,025	Government National Mortgage Association, Series 2013-H14, Class FG, 1-month LIBOR + 0.470%, 2.827%, 5/20/2063(a)		143,862
	4,026,948	Government National Mortgage Association, Series 2013-H22, Class FT, 1-year CMT + 0.650%, 3.660%, 4/20/2063(a)		4,016,657
	3,166,018	Government National Mortgage Association, Series 2014-H14, Class FA, 1-month LIBOR + 0.500%, 2.298%, 7/20/2064(a)		3,135,720
	2,595,824	Government National Mortgage Association, Series 2014-H15, Class FA, 1-month LIBOR + 0.500%, 2.857%, 7/20/2064(a)		2,568,784
	1,821,559	Government National Mortgage Association, Series 2015-H04, Class FL, 1-month LIBOR + 0.470%, 2.827%, 2/20/2065(a)		1,803,891

See accompanying notes to financial statements.

75  |

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Limited Term Government and Agency Fund – (continued)

Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	3,428	Government National Mortgage Association, Series 2015-H05, Class FA, 1-month LIBOR + 0.300%, 2.657%, 4/20/2061(a)(c)	$	3,297
	5,990	Government National Mortgage Association, Series 2015-H09, Class HA, 1.750%, 3/20/2065(c)		5,383
	236,268	Government National Mortgage Association, Series 2015-H10, Class FC, 1-month LIBOR + 0.480%, 2.837%, 4/20/2065(a)		233,848
	3,627,332	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065		3,506,939
	2,785	Government National Mortgage Association, Series 2015-H11, Class FA, 1-month LIBOR + 0.250%, 2.607%, 4/20/2065(a)(c)		2,668
	2,148,484	Government National Mortgage Association, Series 2015-H12, Class FL, 1-month LIBOR + 0.230%, 2.587%, 5/20/2065(a)		2,125,234
	54,724	Government National Mortgage Association, Series 2015-H19, Class FH, 1-month LIBOR + 0.300%, 2.657%, 7/20/2065(a)(c)		53,856
	2,792	Government National Mortgage Association, Series 2015-H29, Class FA, 1-month LIBOR + 0.700%, 3.057%, 10/20/2065(a)(c)		2,686
	2,979	Government National Mortgage Association, Series 2015-H30, Class FA, 1-month LIBOR + 0.680%, 3.037%, 8/20/2061(a)(c)		2,857
	3,455,886	Government National Mortgage Association, Series 2016-H06, Class FC, 1-month LIBOR + 0.920%, 3.277%, 2/20/2066(a)		3,427,076
	982,559	Government National Mortgage Association, Series 2016-H20, Class FB, 1-month LIBOR + 0.550%, 2.907%, 9/20/2066(a)		974,666
	2,318,859	Government National Mortgage Association, Series 2017-H05, Class FC, 1-month LIBOR + 0.750%, 3.107%, 2/20/2067(a)		2,300,065
	33,912	Government National Mortgage Association, Series 2018-H02, Class FJ, 1-month LIBOR + 0.200%, 2.557%, 10/20/2064(a)(c)		33,547
	4,743,525	Government National Mortgage Association, Series 2018-H11, Class FJ, 12-month LIBOR + 0.080%, 2.855%, 6/20/2068(a)		4,610,998
	108,858	Government National Mortgage Association, Series 2018-H14, Class FG, 1-month LIBOR + 0.350%, 2.707%, 9/20/2068(a)		107,644
	6,857,879	Government National Mortgage Association, Series 2018-H16, Class FA, 1-month LIBOR + 0.420%, 2.777%, 9/20/2068(a)		6,714,246
	6,140,983	Government National Mortgage Association, Series 2019-H04, Class NA, 3.500%, 9/20/2068		5,760,900
	2,163,025	Government National Mortgage Association, Series 2019-H13, Class FT, 1-year CMT + 0.450%, 3.460%, 8/20/2069(a)		2,162,021
	1,900,285	Government National Mortgage Association, Series 2020-30, Class F, 1-month LIBOR + 0.400%, 2.166%, 4/20/2048(a)		1,853,070
	3,641,415	Government National Mortgage Association, Series 2020-53, Class NF, 1-month LIBOR + 0.450%, 2.021%, 5/20/2046(a)		3,474,715
	3,697,548	Government National Mortgage Association, Series 2020-H02, Class FG, 1-month LIBOR + 0.600%, 2.957%, 1/20/2070(a)		3,652,906
	4,227,922	Government National Mortgage Association, Series 2020-H04, Class FP, 1-month LIBOR + 0.500%, 2.857%, 6/20/2069(a)		4,168,861
		Collateralized Mortgage Obligations — continued
	8,183,179	Government National Mortgage Association, Series 2020-H07, Class FL, 1-month LIBOR + 0.650%, 3.007%, 4/20/2070(a)		8,138,818
	8,587,998	Government National Mortgage Association, Series 2020-H10, Class FD, 1-month LIBOR + 0.400%, 2.757%, 5/20/2070(a)		8,533,223
	3,573,404	Government National Mortgage Association, Series 2020-HO1, Class FT, 1-year CMT + 0.500%, 0.710%, 1/20/2070(a)		3,559,868
				107,614,669
		Hybrid ARMs — 2.6%
	152,368	FHLMC, 12-month LIBOR + 1.730%, 2.114%, 4/01/2037(a)		153,766
	42,859	FHLMC, 12-month LIBOR + 1.741%, 2.220%, 12/01/2037(a)		42,315
	479,509	FHLMC, 1-year CMT + 2.285%, 2.433%, 2/01/2036(a)		489,903
	150,439	FHLMC, 12-month LIBOR + 1.903%, 2.453%, 4/01/2037(a)		149,174
	85,996	FHLMC, 1-year CMT + 2.250%, 2.497%, 2/01/2035(a)		87,115
	281,271	FHLMC, 1-year CMT + 2.245%, 2.573%, 3/01/2036(a)		285,185
	789,994	FHLMC, 1-year CMT + 2.261%, 2.585%, 2/01/2036(a)		802,797
	65,666	FHLMC, 1-year CMT + 2.470%, 2.595%, 9/01/2038(a)		64,248
	222,711	FHLMC, 6-month LIBOR + 1.770%, 2.643%, 6/01/2037(a)		218,034
	87,347	FHLMC, 1-year CMT + 2.208%, 2.660%, 9/01/2038(a)		86,040
	79,932	FHLMC, 12-month LIBOR + 1.739%, 2.801%, 3/01/2038(a)		79,278
	1,437,164	FHLMC, 12-month LIBOR + 1.840%, 2.844%, 1/01/2046(a)		1,446,459
	244,259	FHLMC, 1-year CMT + 2.165%, 2.891%, 4/01/2036(a)		240,528
	81,885	FHLMC, 12-month LIBOR + 1.790%, 3.057%, 11/01/2038(a)		81,223
	1,332,055	FHLMC, 1-year CMT + 2.251%, 3.190%, 3/01/2037(a)		1,359,655
	157,815	FHLMC, 12-month LIBOR + 1.935%, 3.245%, 12/01/2034(a)		156,590
	654,568	FHLMC, 12-month LIBOR + 1.896%, 3.275%, 9/01/2041(a)		666,823
	439,282	FHLMC, 12-month LIBOR + 1.765%, 3.746%, 9/01/2035(a)		445,126
	81,620	FHLMC, 12-month LIBOR + 1.698%, 3.751%, 11/01/2038(a)		80,571
	293,238	FHLMC, 1-year CMT + 2.247%, 3.917%, 9/01/2038(a)		300,580
	313,262	FHLMC, 1-year CMT + 2.220%, 4.144%, 7/01/2033(a)		309,751
	818,930	FNMA, 12-month LIBOR + 1.800%, 2.050%, 10/01/2041(a)		832,059
	114,557	FNMA, 12-month LIBOR + 1.800%, 2.050%, 12/01/2041(a)		112,931
	41,707	FNMA, 12-month LIBOR + 1.754%, 2.089%, 1/01/2037(a)		41,329
	181,007	FNMA, 12-month LIBOR + 1.734%, 2.188%, 2/01/2037(a)		179,772
	308,509	FNMA, 1-year CMT + 2.185%, 2.310%, 1/01/2036(a)		310,443
	30,271	FNMA, 12-month LIBOR + 1.565%, 2.315%, 4/01/2037(a)		29,964
	141,017	FNMA, 12-month LIBOR + 1.667%, 2.384%, 10/01/2033(a)		141,645
	470,620	FNMA, 12-month LIBOR + 1.820%, 2.445%, 2/01/2047(a)		476,304
	88,267	FNMA, 12-month LIBOR + 1.729%, 2.450%, 11/01/2035(a)		90,115
	453,762	FNMA, 12-month LIBOR + 1.804%, 2.489%, 3/01/2037(a)		456,146

See accompanying notes to financial statements.

|  76

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Limited Term Government and Agency Fund – (continued)

Principal Amount		Description	Value (†)
		Hybrid ARMs — continued
$	97,674	FNMA, 12-month LIBOR + 1.800%, 2.544%, 3/01/2034(a)	$	98,839
	139,870	FNMA, 1-year CMT + 2.486%, 2.608%, 5/01/2035(a)		143,991
	962,404	FNMA, 1-year CMT + 2.225%, 2.734%, 4/01/2034(a)		974,296
	107,460	FNMA, 1-year CMT + 2.199%, 2.739%, 4/01/2034(a)		105,311
	472,671	FNMA, 12-month LIBOR + 1.566%, 2.785%, 7/01/2035(a)		478,316
	666,820	FNMA, 12-month LIBOR + 1.554%, 2.902%, 4/01/2037(a)		674,797
	510,662	FNMA, 12-month LIBOR + 1.712%, 2.926%, 9/01/2037(a)		520,352
	251,730	FNMA, 1-year CMT + 2.145%, 2.968%, 6/01/2036(a)		252,989
	143,953	FNMA, 1-year CMT + 2.148%, 2.988%, 9/01/2034(a)		147,499
	264,728	FNMA, 6-month LIBOR + 1.546%, 2.994%, 7/01/2035(a)		269,747
	131,304	FNMA, 12-month LIBOR + 1.688%, 3.024%, 11/01/2036(a)		133,622
	278,708	FNMA, 6-month LIBOR + 2.031%, 3.038%, 7/01/2037(a)		282,221
	100,142	FNMA, 1-year CMT + 2.185%, 3.068%, 12/01/2034(a)		98,568
	47,033	FNMA, 1-year CMT + 2.211%, 3.211%, 4/01/2033(a)		46,431
	20,518	FNMA, 12-month LIBOR + 1.806%, 3.293%, 7/01/2041(a)		20,325
	844,117	FNMA, 1-year CMT + 2.169%, 3.348%, 12/01/2040(a)		860,744
	1,442,931	FNMA, 1-year CMT + 2.205%, 3.354%, 10/01/2034(a)		1,473,476
	115,269	FNMA, 1-year CMT + 2.287%, 3.406%, 10/01/2033(a)		114,040
	124,960	FNMA, 1-year CMT + 2.500%, 3.479%, 8/01/2036(a)		129,051
	888,326	FNMA, 1-year CMT + 2.188%, 3.724%, 11/01/2033(a)		911,260
	20,745	FNMA, 6-month LIBOR + 1.460%, 3.737%, 2/01/2037(a)		20,956
	393,310	FNMA, 12-month LIBOR + 1.564%, 3.738%, 9/01/2037(a)		395,950
	87,812	FNMA, 12-month LIBOR + 1.554%, 3.804%, 8/01/2035(a)		86,745
	218,660	FNMA, 12-month LIBOR + 1.639%, 3.889%, 8/01/2038(a)		216,651
	195,490	FNMA, 1-year CMT + 2.287%, 3.914%, 6/01/2033(a)		193,680
	308,633	FNMA, 12-month LIBOR + 1.669%, 3.919%, 7/01/2038(a)		306,635
	295,549	FNMA, 12-month LIBOR + 1.678%, 3.928%, 8/01/2034(a)		292,510
	52,446	FNMA, 1-year CMT + 2.145%, 3.934%, 9/01/2036(a)		52,353
	366,784	FNMA, 1-year CMT + 2.270%, 4.020%, 6/01/2037(a)		381,932
	62,096	FNMA, 12-month LIBOR + 2.473%, 4.223%, 6/01/2035(a)		61,736
	135,384	FNMA, 1-year CMT + 2.223%, 4.223%, 8/01/2035(a)		133,342
	53,358	FNMA, 1-year CMT + 2.440%, 4.266%, 8/01/2033(a)		52,843
				20,147,077
		Mortgage Related — 1.8%
	16,624	FHLMC, 3.000%, 10/01/2026		16,196
	127,717	FHLMC, 4.000%, with various maturities from 2024 to 2042(e)		122,224
	37,714	FHLMC, 4.500%, with various maturities from 2025 to 2034(e)		36,827
	2,644	FHLMC, 5.500%, 10/01/2023		2,642
	119,226	FHLMC, 6.500%, 12/01/2034		123,845
	38	FHLMC, 7.500%, 6/01/2026		38
	80,850	FNMA, 3.000%, 3/01/2042		72,452
		Mortgage Related — continued
	592,377	FNMA, 5.000%, with various maturities from 2037 to 2038(e)		596,128
	195,562	FNMA, 5.500%, with various maturities from 2023 to 2033(e)		196,504
	2,050	FNMA, 6.000%, 12/01/2022		2,047
	138,235	FNMA, 6.500%, with various maturities from 2032 to 2037(e)		143,148
	30,135	FNMA, 7.500%, with various maturities from 2030 to 2032(e)		30,689
	1,442,302	GNMA, 1-month LIBOR + 1.747%, 3.374%, 2/20/2061(a)		1,456,209
	992,284	GNMA, 1-month LIBOR + 1.890%, 3.523%, 2/20/2063(a)		1,004,795
	716,334	GNMA, 1-month LIBOR + 2.122%, 3.790%, 3/20/2063(a)		728,433
	535,882	GNMA, 1-month LIBOR + 2.209%, 3.842%, 5/20/2065(a)		547,064
	543,822	GNMA, 1-month LIBOR + 2.248%, 3.881%, 6/20/2065(a)		558,308
	489,911	GNMA, 1-month LIBOR + 2.337%, 3.969%, 2/20/2063(a)		498,746
	55,863	GNMA, 4.007%, 12/20/2062(b)		55,411
	25,205	GNMA, 4.140%, 12/20/2061(b)		24,446
	14,029	GNMA, 4.317%, 8/20/2061(b)		13,738
	166,370	GNMA, 4.434%, 7/20/2063(b)		163,562
	2,274,728	GNMA, 4.457%, 10/20/2065(b)		2,249,082
	1,112,001	GNMA, 4.594%, 2/20/2066(b)		1,105,431
	1,740,393	GNMA, 4.604%, 3/20/2064(b)		1,734,635
	168,727	GNMA, 4.609%, 1/20/2064(b)		167,995
	6,860	GNMA, 4.619%, 2/20/2062(b)		6,366
	3,050	GNMA, 4.622%, 8/20/2062(b)		3,007
	50,310	GNMA, 4.630%, with various maturities from 2062 to 2063(b)(e)		48,843
	1,575,317	GNMA, 4.677%, 11/20/2063(b)		1,570,643
	592,165	GNMA, 4.700%, with various maturities from 2061 to 2064(b)(e)		587,356
	2,108	GNMA, 4.878%, 4/20/2061(b)		2,046
	5,464	GNMA, 6.000%, 12/15/2031		5,819
	24,144	GNMA, 6.500%, 5/15/2031		25,131
	22,571	GNMA, 7.000%, 10/15/2028		22,980
				13,922,786
		Non-Agency Commercial Mortgage-Backed Securities — 3.8%
	1,595,000	BANK, Series 2020-BN25, Class A5, 2.649%, 1/15/2063		1,340,148
	3,895,000	Barclays Commercial Mortgage Securities Trust, Series 2020-BID, Class A, 1-month LIBOR + 2.140%, 4.958%, 10/15/2037, 144A(a)		3,836,272
	1,825,000	BPR Trust, Series 2021-NRD, Class A, 1-month SOFR + 1.525%, 4.447%, 12/15/2023, 144A(a)		1,746,671
	4,650,000	BPR Trust, Series 2022-SSP, Class A, 1-month SOFR + 3.000%, 5.845%, 5/15/2039, 144A(a)		4,631,121
	1,745,000	CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A3, 3.839%, 12/10/2054		1,643,510
	1,310,000	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A		1,231,396
	1,488,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS2, Class A5, 3.961%, 3/10/2047		1,459,364
	2,847,198	Commercial Mortgage Pass Through Certificates, Series 2016-DC2, Class ASB, 3.550%, 2/10/2049		2,770,885

See accompanying notes to financial statements.

77  |

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Limited Term Government and Agency Fund – (continued)

Principal Amount		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	2,570,000	DROP Mortgage Trust, Series 2021-FILE, Class A, 1-month LIBOR + 1.150%, 3.970%, 10/15/2043, 144A(a)	$	2,476,593
	2,600,000	Hudsons Bay Simon JV Trust, Series 2015-HB7, Class A7, 3.914%, 8/05/2034, 144A		2,305,825
	705,399	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C8, Class A4, 3.134%, 12/15/2048		703,460
	3,295,000	SPGN Mortgage Trust, Series 2022-TFLM. Class A, 1-month SOFR + 1.550%, 4.395%, 2/15/2039, 144A(a)		3,141,734
	3,279,464	Starwood Retail Property Trust, Series 2014-STAR, Class A, 1-month LIBOR + 1.470%, 4.288%, 11/15/2027, 144A(a)		2,246,433
				29,533,412
		Treasuries — 30.5%
	7,425,000	U.S. Treasury Note, 0.375%, 9/30/2027		6,194,364
	41,725,000	U.S. Treasury Note, 0.750%, 8/31/2026		36,592,499
	25,460,000	U.S. Treasury Note, 0.875%, 9/30/2026		22,397,838
	21,410,000	U.S. Treasury Note, 1.250%, 12/31/2026		19,017,265
	8,920,000	U.S. Treasury Note, 1.875%, 2/28/2027		8,123,472
	17,930,000	U.S. Treasury Note, 2.750%, 4/30/2027		16,920,737
	71,120,000	U.S. Treasury Note, 2.750%, 2/15/2028		66,599,991
	11,365,000	U.S. Treasury Note, 2.750%, 8/15/2032		10,391,872
	3,955,000	U.S. Treasury Note, 4.125%, 9/30/2027		3,967,977
	45,290,000	U.S. Treasury Note, 4.250%, 9/30/2024		45,311,230
				235,517,245
		Total Bonds and Notes (Identified Cost $774,491,961)		738,779,464
	Short-Term Investments — 4.1%
	2,293,099	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2022 at 1.100% to be repurchased at $2,293,309 on 10/03/2022 collateralized by $2,385,000 U.S. Treasury Note, 3.500% due 9/15/2025 valued at $2,338,977 including accrued interest (Note 2 of Notes to Financial Statements)		2,293,099
	29,775,000	U.S. Treasury Bills, 2.315%-2.450%, 10/11/2022(f)(g)		29,758,789
		Total Short-Term Investments (Identified Cost $32,051,057)		32,051,888
		Total Investments — 99.9% (Identified Cost $806,543,018)		770,831,352
		Other assets less liabilities — 0.1%		663,791
		Net Assets — 100.0%	$	771,495,143
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Variable rate security. Rate as of September 30, 2022 is disclosed.
	(b)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of September 30, 2022 is disclosed.
	(c)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(d)	Interest only security. Security represents right to receive monthly interest payments on an underlying pool of mortgages. Principal shown is the outstanding par amount of the pool held as of the end of the period.
	(e)	The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(f)	Interest rate represents discount rate at time of purchase; not a coupon rate.
	(g)	The Fund’s investment in U.S. Government/Agency securities is comprised of various lots with differing discount rates. These separate investments, which have the same maturity date, have been aggregated for the purpose of presentation in the Portfolio of Investments.
	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2022, the value of Rule 144A holdings amounted to $53,179,853 or 6.9% of net assets.
	ABS	Asset-Backed Securities
	ARMs	Adjustable Rate Mortgages
	CMT	Constant Maturity Treasury
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association
	GNMA	Government National Mortgage Association
	LIBOR	London Interbank Offered Rate
	MTA	Monthly Treasury Average Interest
	REMIC	Real Estate Mortgage Investment Conduit
	SOFR	Secured Overnight Financing Rate

Industry Summary at September 30, 2022

Agency Commercial Mortgage-Backed Securities	38.3	%
Treasuries	30.5
Collateralized Mortgage Obligations	14.0
Non-Agency Commercial Mortgage-Backed Securities	3.8
ABS Car Loan	3.1
Hybrid ARMs	2.6
Other Investments, less than 2% each	3.5
Short-Term Investments	4.1
Total Investments	99.9
Other assets less liabilities	0.1
Net Assets	100.0	%

See accompanying notes to financial statements.

|  78

Statements of Assets and Liabilities

September 30, 2022

	Core Plus Bond Fund			Credit Income Fund			Global Allocation Fund
ASSETS
Investments at cost	$	6,753,613,336		$	24,438,425		$	3,240,104,544
Net unrealized depreciation		(910,582,848	)		(4,104,362	)		(294,396,189	)
Investments at value		5,843,030,488			20,334,063			2,945,708,355
Cash		2,626,054			1,240			365
Due from brokers (Note 2)		8,300,000			25,000			4,766,726
Foreign currency at value (identified cost $0, $0 and $4,022,662, respectively)		—			—			3,894,539
Receivable for Fund shares sold		8,968,496			—			2,246,026
Receivable from investment adviser (Note 6)		—			7,657			—
Receivable for securities sold		222,797,920			—			13,828,151
Collateral received for open forward foreign currency contracts (Notes 2 and 4)		—			—			120,000
Dividends and interest receivable		44,918,335			204,184			10,223,879
Unrealized appreciation on forward foreign currency contracts (Note 2)		—			—			2,209,051
Tax reclaims receivable		—			—			421,934
Prepaid expenses (Note 8)		795			3			478
TOTAL ASSETS		6,130,642,088			20,572,147			2,983,419,504
LIABILITIES
Payable for securities purchased		194,192,874			39,399			5,694,356
Payable for Fund shares redeemed		20,289,788			—			7,553,457
Unrealized depreciation on forward foreign currency contracts (Note 2)		—			—			5,597,291
Foreign taxes payable (Note 2)		—			—			42,238
Due to brokers (Note 2)		—			—			120,000
Payable for variation margin on futures contracts (Note 2)		1,641,428			4,500			255,704
Management fees payable (Note 6)		1,575,451			—			1,966,348
Deferred Trustees’ fees (Note 6)		791,783			5,392			357,843
Administrative fees payable (Note 6)		232,042			797			122,126
Payable to distributor (Note 6d)		59,307			1			53,123
Audit and tax services fees payable		60,912			68,386			62,918
Other accounts payable and accrued expenses		405,025			2,271			287,813
TOTAL LIABILITIES		219,248,610			120,746			22,113,217
NET ASSETS	$	5,911,393,478		$	20,451,401		$	2,961,306,287
NET ASSETS CONSIST OF:
Paid-in capital	$	7,166,194,154		$	24,573,182		$	3,053,267,894
Accumulated loss		(1,254,800,676	)		(4,121,781	)		(91,961,607	)
NET ASSETS	$	5,911,393,478		$	20,451,401		$	2,961,306,287
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	428,825,437		$	175,280		$	482,030,976
Shares of beneficial interest		38,295,691			21,085			24,178,882
Net asset value and redemption price per share	$	11.20		$	8.31		$	19.94
Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	11.70		$	8.68		$	21.16
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	48,678,503		$	869		$	302,501,011
Shares of beneficial interest		4,343,551			105			15,637,926
Net asset value and offering price per share	$	11.21		$	8.30	*	$	19.34
Class N shares:
Net assets	$	1,890,793,347		$	20,228,810		$	243,861,731
Shares of beneficial interest		167,246,947			2,434,178			12,105,708
Net asset value, offering and redemption price per share	$	11.31		$	8.31		$	20.14
Class Y shares:
Net assets	$	3,543,096,191		$	46,442		$	1,932,912,569
Shares of beneficial interest		313,593,773			5,589			95,972,302
Net asset value, offering and redemption price per share	$	11.30		$	8.31		$	20.14

* Net asset value calculations have been determined utilizing fractional share and penny amounts.

See accompanying notes to financial statements.

79  |

Statements of Assets and Liabilities (continued)

September 30, 2022

	Growth Fund		Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
ASSETS
Investments at cost	$	7,724,227,643	$	314,752,587		$	806,543,018
Net unrealized appreciation (depreciation)		1,779,653,921		(22,251,529	)		(35,711,666	)
Investments at value		9,503,881,564		292,501,058			770,831,352
Cash		—		69			63
Due from brokers (Note 2)		—		475,000			—
Receivable for Fund shares sold		27,028,448		356,283			1,106,442
Receivable for securities sold		—		1,353,374			20,089,702
Dividends and interest receivable		596,148		1,775,714			1,579,815
Tax reclaims receivable		5,854,326		2,965			—
Prepaid expenses (Note 8)		1,386		37			101
TOTAL ASSETS		9,537,361,872		296,464,500			793,607,475
LIABILITIES
Payable for securities purchased		—		2,875,005			20,319,032
Payable for Fund shares redeemed		43,473,022		262,289			742,343
Payable for variation margin on futures contracts (Note 2)		—		79,822			—
Distributions payable		—		—			260,189
Management fees payable (Note 6)		4,246,391		42,914			177,616
Deferred Trustees’ fees (Note 6)		743,523		141,898			405,421
Administrative fees payable (Note 6)		391,601		11,548			30,411
Payable to distributor (Note 6d)		89,583		2,325			13,252
Audit and tax services fees payable		48,471		57,904			62,456
Other accounts payable and accrued expenses		673,557		27,132			101,612
TOTAL LIABILITIES		49,666,148		3,500,837			22,112,332
NET ASSETS	$	9,487,695,724	$	292,963,663		$	771,495,143
NET ASSETS CONSIST OF:
Paid-in capital	$	6,501,830,885	$	336,485,275		$	860,567,714
Accumulated earnings (loss)		2,985,864,839		(43,521,612	)		(89,072,571	)
NET ASSETS	$	9,487,695,724	$	292,963,663		$	771,495,143
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	1,164,115,560	$	18,077,056		$	246,532,128
Shares of beneficial interest		70,770,956		1,958,702			23,145,253
Net asset value and redemption price per share	$	16.45	$	9.23		$	10.65
Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	17.45	$	9.64		$	10.90
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	65,976,578	$	174,030		$	14,144,764
Shares of beneficial interest		4,573,999		18,781			1,331,286
Net asset value and offering price per share	$	14.42	$	9.27		$	10.62
Class N shares:
Net assets	$	663,000,518	$	19,294,301		$	19,656,357
Shares of beneficial interest		37,095,812		2,092,396			1,840,520
Net asset value, offering and redemption price per share	$	17.87	$	9.22		$	10.68
Class Y shares:
Net assets	$	7,594,603,068	$	255,418,276		$	491,161,894
Shares of beneficial interest		425,314,607		27,686,594			45,966,094
Net asset value, offering and redemption price per share	$	17.86	$	9.23		$	10.69

See accompanying notes to financial statements.

|  80

Statements of Operations

For the Year Ended September 30, 2022

	Core Plus Bond Fund			Credit Income Fund			Global Allocation Fund
INVESTMENT INCOME
Interest	$	210,277,484		$	723,261		$	45,510,780
Dividends		—			28,259			25,668,899
Less net foreign taxes withheld		—			—			(1,076,779	)
		210,277,484			751,520			70,102,900
Expenses
Management fees (Note 6)		23,767,446			96,549			31,131,971
Service and distribution fees (Note 6)		2,184,202			272			5,910,914
Administrative fees (Note 6)		3,265,761			10,145			1,860,255
Trustees’ fees and expenses (Note 6)		216,171			12,490			127,869
Trustees’ fees deferred compensation (Note 6)		(111,172	)		2,441			(42,781	)
Transfer agent fees and expenses (Notes 6 and 7)		5,478,136			3,958			3,157,302
Audit and tax services fees		57,614			66,360			63,458
Custodian fees and expenses		277,586			8,074			337,807
Legal fees (Note 8)		229,962			699			138,499
Registration fees		143,416			67,032			117,903
Shareholder reporting expenses		351,406			5,825			241,938
Miscellaneous expenses		238,053			27,212			172,402
Total expenses		36,098,581			301,057			43,217,537
Less waiver and/or expense reimbursement (Note 6)		(206,650	)		(181,170	)		—
Net expenses		35,891,931			119,887			43,217,537
Net investment income		174,385,553			631,633			26,885,363
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, SHORT SALES, SWAP AGREEMENTS, FORWARD FOREIGN CURRENCY CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		(272,059,962	)		(31,665	)		259,590,341
Futures contracts		(7,112,236	)		293,058			(315,243	)
Short sales		1,888,412			—			—
Swap agreements		—			5,371			127,433
Forward foreign currency contracts (Note 2e)		—			—			(52,272,395	)
Foreign currency transactions (Note 2d)		48,829			—			(1,372,180	)
Net change in unrealized appreciation (depreciation) on:
Investments		(1,044,004,098	)		(4,664,434	)		(1,369,676,354	)
Futures contracts		(14,563,241	)		(57,368	)		(2,901,289	)
Forward foreign currency contracts (Note 2e)		—			—			1,334,625
Foreign currency translations (Note 2d)		(3,433	)		—			103,575
Net realized and unrealized loss on investments, futures contracts, short sales, swap agreements, forward foreign currency contracts and foreign currency transactions		(1,335,805,729	)		(4,455,038	)		(1,165,381,487	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,161,420,176	)	$	(3,823,405	)	$	(1,138,496,124	)

See accompanying notes to financial statements.

81  |

Statements of Operations (continued)

For the Year Ended September 30, 2022

	Growth Fund			Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
INVESTMENT INCOME
Interest	$	174,229		$	7,370,382		$	12,390,131
Dividends		76,324,181			—			—
Less net foreign taxes withheld		(2,765,680	)		—			—
		73,732,730			7,370,382			12,390,131
Expenses
Management fees (Note 6)		61,919,222			874,113			2,919,401
Service and distribution fees (Note 6)		4,835,421			54,733			846,386
Administrative fees (Note 6)		5,454,700			154,230			411,358
Trustees’ fees and expenses (Note 6)		352,527			21,426			37,842
Trustees’ fees deferred compensation (Note 6)		(65,470	)		(24,584	)		(77,294	)
Transfer agent fees and expenses (Notes 6 and 7)		9,651,608			233,862			774,084
Audit and tax services fees		66,981			55,832			60,297
Custodian fees and expenses		558,555			26,172			42,302
Legal fees (Note 8)		399,159			11,008			29,186
Registration fees		304,857			85,133			110,948
Shareholder reporting expenses		667,685			35,462			70,554
Miscellaneous expenses		418,114			35,781			56,948
Total expenses		84,563,359			1,563,168			5,282,012
Less waiver and/or expense reimbursement (Note 6)		—			(119,658	)		(244,804	)
Net expenses		84,563,359			1,443,510			5,037,208
Net investment income (loss)		(10,830,629	)		5,926,872			7,352,923
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		1,235,669,337			(18,098,631	)		(21,343,422	)
Futures contracts		—			(1,596,732	)		—
Net change in unrealized appreciation (depreciation) on:
Investments		(4,804,674,396	)		(23,620,839	)		(38,167,377	)
Futures contracts		—			(1,274,989	)		—
Foreign currency translations (Note 2d)		(309,904	)		—			—
Net realized and unrealized loss on investments, futures contracts and foreign currency transactions		(3,569,314,963	)		(44,591,191	)		(59,510,799	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,580,145,592	)	$	(38,664,319	)	$	(52,157,876	)

See accompanying notes to financial statements.

|  82

Statements of Changes in Net Assets

	Core Plus Bond Fund						Credit Income Fund
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2022			Year Ended September 30, 2021
FROM OPERATIONS:
Net investment income	$	174,385,553		$	163,972,599		$	631,633		$	616,673
Net realized gain (loss) on investments, futures contracts, short sales, swap agreements and foreign currency transactions		(277,234,957	)		116,923,272			266,764			91,677
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		(1,058,570,772	)		(226,524,491	)		(4,721,802	)		680,884
Net increase (decrease) in net assets resulting from operations		(1,161,420,176	)		54,371,380			(3,823,405	)		1,389,234
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(16,005,020	)		(26,989,208	)		(3,571	)		(2,194	)
Class C		(1,420,755	)		(4,109,684	)		(25	)		(20	)
Class N		(68,723,627	)		(114,300,522	)		(818,127	)		(776,415	)
Class Y		(135,179,006	)		(253,871,577	)		(1,898	)		(642	)
Total distributions		(221,328,408	)		(399,270,991	)		(823,621	)		(779,271	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(1,555,408,285	)		(84,293,745	)		142,887			(572,703	)
Net increase (decrease) in net assets		(2,938,156,869	)		(429,193,356	)		(4,504,139	)		37,260
NET ASSETS
Beginning of the year		8,849,550,347			9,278,743,703			24,955,540			24,918,280
End of the year	$	5,911,393,478		$	8,849,550,347		$	20,451,401		$	24,955,540

See accompanying notes to financial statements.

83  |

Statements of Changes in Net Assets (continued)

	Global Allocation Fund						Growth Fund
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2022			Year Ended September 30, 2021
FROM OPERATIONS:
Net investment income (loss)	$	26,885,363		$	15,287,268		$	(10,830,629	)	$	(1,879,895	)
Net realized gain on investments, futures contracts, swap agreements, forward foreign currency contracts and foreign currency transactions		205,757,956			369,056,675			1,235,669,337			688,859,379
Net change in unrealized appreciation (depreciation) on investments, futures contracts, forward foreign currency contracts and foreign currency translations		(1,371,139,443	)		307,378,584			(4,804,984,300	)		1,682,048,663
Net increase (decrease) in net assets resulting from operations		(1,138,496,124	)		691,722,527			(3,580,145,592	)		2,369,028,147
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(54,983,218	)		(37,700,764	)		(87,877,160	)		(71,172,533	)
Class C		(37,592,938	)		(27,793,335	)		(6,955,691	)		(6,613,461	)
Class N		(26,402,455	)		(17,490,999	)		(39,935,698	)		(27,159,617	)
Class Y		(248,208,914	)		(172,869,178	)		(530,904,861	)		(427,889,322	)
Total distributions		(367,187,525	)		(255,854,276	)		(665,673,410	)		(532,834,933	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(410,454,398	)		400,018,429			(35,119,431	)		432,416,142
Net increase (decrease) in net assets		(1,916,138,047	)		835,886,680			(4,280,938,433	)		2,268,609,356
NET ASSETS
Beginning of the year		4,877,444,334			4,041,557,654			13,768,634,157			11,500,024,801
End of the year	$	2,961,306,287		$	4,877,444,334		$	9,487,695,724		$	13,768,634,157

See accompanying notes to financial statements.

|  84

Statements of Changes in Net Assets (continued)

	Intermediate Duration Bond Fund						Limited Term Government and Agency Fund
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2022			Year Ended September 30, 2021
FROM OPERATIONS:
Net investment income	$	5,926,872		$	4,516,514		$	7,352,923		$	5,377,989
Net realized gain (loss) on investments and futures contracts		(19,695,363	)		2,618,566			(21,343,422	)		4,014,542
Net change in unrealized appreciation (depreciation) on investments and futures contracts		(24,895,828	)		(6,669,694	)		(38,167,377	)		(13,859,882	)
Net increase (decrease) in net assets resulting from operations		(38,664,319	)		465,386			(52,157,876	)		(4,467,351	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(418,231	)		(742,805	)		(2,294,331	)		(1,888,946	)
Class C		(3,268	)		(18,045	)		(45,623	)		(6,855	)
Class N		(457,509	)		(788,205	)		(191,170	)		(104,954	)
Class Y		(6,995,943	)		(12,363,185	)		(6,809,271	)		(6,301,562	)
Total distributions		(7,874,951	)		(13,912,240	)		(9,340,395	)		(8,302,317	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(42,173,549	)		77,608,974			(200,047,990	)		27,315,308
Net increase (decrease) in net assets		(88,712,819	)		64,162,120			(261,546,261	)		14,545,640
NET ASSETS
Beginning of the year		381,676,482			317,514,362			1,033,041,404			1,018,495,764
End of the year	$	292,963,663		$	381,676,482		$	771,495,143		$	1,033,041,404

See accompanying notes to financial statements.

85  |

Financial Highlights

For a share outstanding throughout each period

	Core Plus Bond Fund—Class A
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	13.59		$	14.08		$	13.25		$	12.53		$	12.96
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.26			0.21			0.26			0.34			0.35
Net realized and unrealized gain (loss)		(2.30	)		(0.13	)		0.86			0.70			(0.38	)
Total from Investment Operations		(2.04	)		0.08			1.12			1.04			(0.03	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.32	)		(0.29	)		(0.29	)		(0.32	)		(0.40	)
Net realized capital gains		(0.03	)		(0.28	)		—			—			—
Total Distributions		(0.35	)		(0.57	)		(0.29	)		(0.32	)		(0.40	)
Net asset value, end of the period	$	11.20		$	13.59		$	14.08		$	13.25		$	12.53
Total return(b)		(15.24	)%(c)		0.53	%		8.60	%		8.39	%		(0.27	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	428,825		$	747,497		$	617,609		$	558,291		$	600,762
Net expenses		0.73	%(d)(e)		0.71	%		0.72	%(f)		0.73	%		0.73	%
Gross expenses		0.74	%		0.71	%		0.72	%		0.73	%		0.73	%
Net investment income		2.08	%		1.51	%		1.88	%		2.63	%		2.71	%
Portfolio turnover rate		280	%		266	%		359	%(g)		297	%(h)		181	%

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) A sales charge for Class A shares is not reflected in total return calculations.

(c) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e) Effective July 1, 2022, the expense limit decreased from 0.75% to 0.74%. See Note 6 of Notes to Financial Statements.

(f) Effective July 1, 2020, the expense limit decreased from 0.80% to 0.75%.

(g) The variation in the Fund’s turnover rate from 2019 to 2020 was primarily due to a significant repositioning of the portfolio.

(h) The variation in the Fund’s turnover rate from 2018 to 2019 is due to an increase in the volume of U.S. Treasury securities related to certain trading strategies.

See accompanying notes to financial statements.

|  86

Financial Highlights (continued)

For a share outstanding throughout each period

	Core Plus Bond Fund—Class C
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	13.60		$	14.09		$	13.25		$	12.53		$	12.96
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.17			0.10			0.15			0.24			0.25
Net realized and unrealized gain (loss)		(2.30	)		(0.13	)		0.88			0.70			(0.38	)
Total from Investment Operations		(2.13	)		(0.03	)		1.03			0.94			(0.13	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.23	)		(0.18	)		(0.19	)		(0.22	)		(0.30	)
Net realized capital gains		(0.03	)		(0.28	)		—			—			—
Total Distributions		(0.26	)		(0.46	)		(0.19	)		(0.22	)		(0.30	)
Net asset value, end of the period	$	11.21		$	13.60		$	14.09		$	13.25		$	12.53
Total return(b)		(15.88	)%(c)		(0.24	)%		7.83	%		7.57	%		(1.03	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	48,679		$	95,755		$	132,590		$	160,201		$	185,758
Net expenses		1.48	%(d)(e)		1.46	%		1.47	%(f)		1.48	%		1.48	%
Gross expenses		1.49	%		1.46	%		1.47	%		1.48	%		1.48	%
Net investment income		1.33	%		0.75	%		1.13	%		1.88	%		1.96	%
Portfolio turnover rate		280	%		266	%		359	%(g)		297	%(h)		181	%

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(c) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e) Effective July 1, 2022, the expense limit decreased from 1.50% to 1.49%. See Note 6 of Notes to Financial Statements.

(f) Effective July 1, 2020, the expense limit decreased from 1.55% to 1.50%.

(g) The variation in the Fund’s turnover rate from 2019 to 2020 was primarily due to a significant repositioning of the portfolio.

(h) The variation in the Fund’s turnover rate from 2018 to 2019 is due to an increase in the volume of U.S. Treasury securities related to certain trading strategies.

See accompanying notes to financial statements.

87  |

Financial Highlights (continued)

For a share outstanding throughout each period

	Core Plus Bond Fund—Class N
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	13.72		$	14.21		$	13.37		$	12.63		$	13.06
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.31			0.26			0.30			0.38			0.39
Net realized and unrealized gain (loss)		(2.32	)		(0.14	)		0.88			0.72			(0.38	)
Total from Investment Operations		(2.01	)		0.12			1.18			1.10			0.01
LESS DISTRIBUTIONS FROM:
Net investment income		(0.37	)		(0.33	)		(0.34	)		(0.36	)		(0.44	)
Net realized capital gains		(0.03	)		(0.28	)		—			—			—
Total Distributions		(0.40	)		(0.61	)		(0.34	)		(0.36	)		(0.44	)
Net asset value, end of the period	$	11.31		$	13.72		$	14.21		$	13.37		$	12.63
Total return		(14.94	)%		0.86	%		8.95	%		8.85	%		0.07	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,890,793		$	2,563,736		$	2,682,487		$	2,610,699		$	1,899,190
Net expenses		0.38	%(b)		0.38	%		0.38	%(c)		0.39	%		0.39	%
Gross expenses		0.38	%		0.38	%		0.38	%		0.39	%		0.39	%
Net investment income		2.47	%		1.84	%		2.21	%		2.96	%		3.06	%
Portfolio turnover rate		280	%		266	%		359	%(d)		297	%(e)		181	%

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Effective July 1, 2022, the expense limit decreased from 0.45% to 0.44%. See Note 6 of Notes to Financial Statements.

(c) Effective July 1, 2020, the expense limit decreased from 0.50% to 0.45%.

(d) The variation in the Fund’s turnover rate from 2019 to 2020 was primarily due to a significant repositioning of the portfolio.

(e) The variation in the Fund’s turnover rate from 2018 to 2019 is due to an increase in the volume of U.S. Treasury securities related to certain trading strategies.

See accompanying notes to financial statements.

|  88

Financial Highlights (continued)

For a share outstanding throughout each period

	Core Plus Bond Fund—Class Y
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	13.71		$	14.20		$	13.36		$	12.63		$	13.06
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.30			0.24			0.29			0.37			0.38
Net realized and unrealized gain (loss)		(2.32	)		(0.13	)		0.88			0.71			(0.38	)
Total from Investment Operations		(2.02	)		0.11			1.17			1.08			0.00	(b)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.36	)		(0.32	)		(0.33	)		(0.35	)		(0.43	)
Net realized capital gains		(0.03	)		(0.28	)		—			—			—
Total Distributions		(0.39	)		(0.60	)		(0.33	)		(0.35	)		(0.43	)
Net asset value, end of the period	$	11.30		$	13.71		$	14.20		$	13.36		$	12.63
Total return		(15.03	)%(c)		0.78	%		8.87	%		8.67	%		(0.02	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,543,096		$	5,442,563		$	5,846,057		$	4,163,785		$	3,733,751
Net expenses		0.48	%(d)(e)		0.46	%		0.47	%(f)		0.48	%		0.48	%
Gross expenses		0.49	%		0.46	%		0.47	%		0.48	%		0.48	%
Net investment income		2.35	%		1.76	%		2.11	%		2.87	%		2.97	%
Portfolio turnover rate		280	%		266	%		359	%(g)		297	%(h)		181	%

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e) Effective July 1, 2022, the expense limit decreased from 0.50% to 0.49%. See Note 6 of Notes to Financial Statements.

(f) Effective July 1, 2020, the expense limit decreased from 0.55% to 0.50%.

(g) The variation in the Fund’s turnover rate from 2019 to 2020 was primarily due to a significant repositioning of the portfolio.

(h) The variation in the Fund’s turnover rate from 2018 to 2019 is due to an increase in the volume of U.S. Treasury securities related to certain trading strategies.

See accompanying notes to financial statements.

89  |

Financial Highlights (continued)

For a share outstanding throughout each period

	Credit Income Fund—Class A
	Year Ended September 30, 2022			Year Ended September 30, 2021			Period Ended September 30, 2020*
Net asset value, beginning of the period	$	10.21		$	9.97		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.23			0.21			(0.00	)(b)
Net realized and unrealized gain (loss)		(1.82	)		0.31			(0.03	)
Total from Investment Operations		(1.59	)		0.52			(0.03	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.27	)		(0.28	)		—
Net realized capital gains		(0.04	)		(0.00	)(b)		—
Total Distributions		(0.31	)		(0.28	)		—
Net asset value, end of the period	$	8.31		$	10.21		$	9.97
Total return(c)(d)		(15.88	)%		5.24	%		(0.30	)%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	175		$	91		$	1
Net expenses(f)		0.82	%		0.82	%		0.82	%(g)
Gross expenses		3.37	%		4.79	%		125.79	%(g)
Net investment income (loss)		2.54	%		2.07	%		(0.82	)%(g)
Portfolio turnover rate		21	%		55	%		0	%

* From commencement of operations on September 29, 2020 through September 30, 2020.

(a) Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) A sales charge for Class A shares is not reflected in total return calculations.

(d) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(e) Periods less than one year are not annualized.

(f) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(g) Computed on an annualized basis for periods less than one year.

See accompanying notes to financial statements.

|  90

Financial Highlights (continued)

For a share outstanding throughout each period

	Credit Income Fund—Class C
	Year Ended September 30, 2022			Year Ended September 30, 2021			Period Ended September 30, 2020*
Net asset value, beginning of the period	$	10.20		$	9.97		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.16			0.13			(0.00	)(b)
Net realized and unrealized gain (loss)		(1.82	)		0.30			(0.03	)
Total from Investment Operations		(1.66	)		0.43			(0.03	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.20	)		(0.20	)		—
Net realized capital gains		(0.04	)		(0.00	)(b)		—
Total Distributions		(0.24	)		(0.20	)		—
Net asset value, end of the period	$	8.30		$	10.20		$	9.97
Total return(c)(d)		(16.53	)%		4.34	%		(0.30	)%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1		$	1		$	1
Net expenses(f)		1.57	%		1.57	%		1.57	%(g)
Gross expenses		4.18	%		5.60	%		126.54	%(g)
Net investment income (loss)		1.67	%		1.29	%		(1.57	)%(g)
Portfolio turnover rate		21	%		55	%		0	%

* From commencement of operations on September 29, 2020 through September 30, 2020.

(a) Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(d) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(e) Periods less than one year are not annualized.

(f) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(g) Computed on an annualized basis for periods less than one year.

See accompanying notes to financial statements.

91  |

Financial Highlights (continued)

For a share outstanding throughout each period

	Credit Income Fund—Class N
	Year Ended September 30, 2022			Year Ended September 30, 2021			Period Ended September 30, 2020*
Net asset value, beginning of the period	$	10.21		$	9.97		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.26			0.24			0.00	(b)
Net realized and unrealized gain (loss)		(1.82	)		0.31			(0.03	)
Total from Investment Operations		(1.56	)		0.55			(0.03	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.30	)		(0.31	)		—
Net realized capital gains		(0.04	)		(0.00	)(b)		—
Total Distributions		(0.34	)		(0.31	)		—
Net asset value, end of the period	$	8.31		$	10.21		$	9.97
Total return(c)		(15.63	)%		5.54	%		(0.30	)%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	20,229		$	24,842		$	24,915
Net expenses(e)		0.52	%		0.52	%		0.52	%(f)
Gross expenses		1.30	%		1.16	%		27.91	%(f)
Net investment income		2.75	%		2.38	%		0.55	%(f)
Portfolio turnover rate		21	%		55	%		0	%

* From commencement of operations on September 29, 2020 through September 30, 2020.

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d) Periods less than one year are not annualized.

(e) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(f) Computed on an annualized basis for periods less than one year.

See accompanying notes to financial statements.

|  92

Financial Highlights (continued)

For a share outstanding throughout each period

	Credit Income Fund—Class Y
	Year Ended September 30, 2022			Year Ended September 30, 2021			Period Ended September 30, 2020*
Net asset value, beginning of the period	$	10.20		$	9.97		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.25			0.24			(0.00	)(b)
Net realized and unrealized gain (loss)		(1.81	)		0.29			(0.03	)
Total from Investment Operations		(1.56	)		0.53			(0.03	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.29	)		(0.30	)		—
Net realized capital gains		(0.04	)		(0.00	)(b)		—
Total Distributions		(0.33	)		(0.30	)		—
Net asset value, end of the period	$	8.31		$	10.20		$	9.97
Total return(c)		(15.59	)%		5.38	%		(0.30	)%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	46		$	22		$	1
Net expenses(e)		0.57	%		0.57	%		0.57	%(f)
Gross expenses		3.12	%		4.54	%		125.54	%(f)
Net investment income (loss)		2.70	%		2.33	%		(0.57	)%(f)
Portfolio turnover rate		21	%		55	%		0	%

* From commencement of operations on September 29, 2020 through September 30, 2020.

(a) Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d) Periods less than one year are not annualized.

(e) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(f) Computed on an annualized basis for periods less than one year.

See accompanying notes to financial statements.

93  |

Financial Highlights (continued)

For a share outstanding throughout each period

	Global Allocation Fund—Class A
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	28.86		$	26.23		$	23.76		$	23.10		$	21.60
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.13			0.06			0.10			0.19			0.23
Net realized and unrealized gain (loss)		(6.89	)		4.18			3.05			1.38			1.75
Total from Investment Operations		(6.76	)		4.24			3.15			1.57			1.98
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.13	)		(0.12	)		(0.16	)		(0.19	)
Net realized capital gains		(2.16	)		(1.48	)		(0.56	)		(0.75	)		(0.29	)
Total Distributions		(2.16	)		(1.61	)		(0.68	)		(0.91	)		(0.48	)
Net asset value, end of the period	$	19.94		$	28.86		$	26.23		$	23.76		$	23.10
Total return(b)		(25.59	)%		16.73	%		13.41	%		7.66	%		9.26	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	482,031		$	737,469		$	632,479		$	453,009		$	401,036
Net expenses		1.14	%		1.13	%		1.15	%		1.16	%		1.16	%
Gross expenses		1.14	%		1.13	%		1.15	%		1.16	%		1.16	%
Net investment income		0.52	%		0.23	%		0.42	%		0.83	%		1.03	%
Portfolio turnover rate		35	%		45	%		37	%		27	%		22	%

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) A sales charge for Class A shares is not reflected in total return calculations.

See accompanying notes to financial statements.

|  94

Financial Highlights (continued)

For a share outstanding throughout each period

	Global Allocation Fund—Class C
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	28.26		$	25.78		$	23.43		$	22.78		$	21.29
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.06	)		(0.14	)		(0.08	)		0.02			0.06
Net realized and unrealized gain (loss)		(6.70	)		4.10			2.99			1.38			1.73
Total from Investment Operations		(6.76	)		3.96			2.91			1.40			1.79
LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			(0.00	)(b)		(0.01	)
Net realized capital gains		(2.16	)		(1.48	)		(0.56	)		(0.75	)		(0.29	)
Total Distributions		(2.16	)		(1.48	)		(0.56	)		(0.75	)		(0.30	)
Net asset value, end of the period	$	19.34		$	28.26		$	25.78		$	23.43		$	22.78
Total return(c)		(26.16	)%		15.85	%		12.55	%		6.85	%		8.46	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	302,501		$	503,073		$	483,814		$	480,479		$	412,610
Net expenses		1.89	%		1.88	%		1.90	%		1.91	%		1.91	%
Gross expenses		1.89	%		1.88	%		1.90	%		1.91	%		1.91	%
Net investment income (loss)		(0.23	)%		(0.52	)%		(0.33	)%		0.08	%		0.29	%
Portfolio turnover rate		35	%		45	%		37	%		27	%		22	%

(a) Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

See accompanying notes to financial statements.

95  |

Financial Highlights (continued)

For a share outstanding throughout each period

	Global Allocation Fund—Class N
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	29.09		$	26.42		$	23.92		$	23.25		$	21.73
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.22			0.15			0.18			0.27			0.31
Net realized and unrealized gain (loss)		(6.96	)		4.21			3.07			1.38			1.75
Total from Investment Operations		(6.74	)		4.36			3.25			1.65			2.06
LESS DISTRIBUTIONS FROM:
Net investment income		(0.05	)		(0.21	)		(0.19	)		(0.23	)		(0.25	)
Net realized capital gains		(2.16	)		(1.48	)		(0.56	)		(0.75	)		(0.29	)
Total Distributions		(2.21	)		(1.69	)		(0.75	)		(0.98	)		(0.54	)
Net asset value, end of the period	$	20.14		$	29.09		$	26.42		$	23.92		$	23.25
Total return		(25.36	)%		17.10	%		13.78	%		8.04	%		9.60	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	243,862		$	350,222		$	264,338		$	202,692		$	80,346
Net expenses		0.81	%		0.81	%		0.82	%		0.82	%		0.83	%
Gross expenses		0.81	%		0.81	%		0.82	%		0.82	%		0.83	%
Net investment income		0.87	%		0.55	%		0.76	%		1.20	%		1.36	%
Portfolio turnover rate		35	%		45	%		37	%		27	%		22	%

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

See accompanying notes to financial statements.

|  96

Financial Highlights (continued)

For a share outstanding throughout each period

	Global Allocation Fund—Class Y
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	29.09		$	26.42		$	23.92		$	23.25		$	21.74
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.20			0.13			0.16			0.24			0.29
Net realized and unrealized gain (loss)		(6.96	)		4.21			3.07			1.40			1.75
Total from Investment Operations		(6.76	)		4.34			3.23			1.64			2.04
LESS DISTRIBUTIONS FROM:
Net investment income		(0.03	)		(0.19	)		(0.17	)		(0.22	)		(0.24	)
Net realized capital gains		(2.16	)		(1.48	)		(0.56	)		(0.75	)		(0.29	)
Total Distributions		(2.19	)		(1.67	)		(0.73	)		(0.97	)		(0.53	)
Net asset value, end of the period	$	20.14		$	29.09		$	26.42		$	23.92		$	23.25
Total return		(25.41	)%		17.02	%		13.70	%		7.95	%		9.49	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,932,913		$	3,286,680		$	2,660,927		$	1,938,124		$	1,549,689
Net expenses		0.89	%		0.88	%		0.90	%		0.91	%		0.91	%
Gross expenses		0.89	%		0.88	%		0.90	%		0.91	%		0.91	%
Net investment income		0.77	%		0.48	%		0.67	%		1.08	%		1.29	%
Portfolio turnover rate		35	%		45	%		37	%		27	%		22	%

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

See accompanying notes to financial statements.

97  |

Financial Highlights (continued)

For a share outstanding throughout each period

	Growth Fund—Class A
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	23.85		$	20.72		$	16.02		$	16.05		$	14.04
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.06	)		(0.05	)		0.01			0.05			0.06
Net realized and unrealized gain (loss)		(6.10	)		4.17			5.14			0.71			2.29
Total from Investment Operations		(6.16	)		4.12			5.15			0.76			2.35
LESS DISTRIBUTIONS FROM:
Net investment income		—			—			(0.05	)		(0.05	)		(0.05	)
Net realized capital gains		(1.24	)		(0.99	)		(0.40	)		(0.74	)		(0.29	)
Total Distributions		(1.24	)		(0.99	)		(0.45	)		(0.79	)		(0.34	)
Net asset value, end of the period	$	16.45		$	23.85		$	20.72		$	16.02		$	16.05
Total return(b)		(27.48	)%		20.43	%		32.80	%		5.81	%		16.98	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,164,116		$	1,740,523		$	1,477,915		$	1,250,030		$	1,083,362
Net expenses		0.90	%		0.89	%		0.90	%		0.91	%		0.90	%
Gross expenses		0.90	%		0.89	%		0.90	%		0.91	%		0.90	%
Net investment income (loss)		(0.30	)%		(0.22	)%		0.04	%		0.35	%		0.39	%
Portfolio turnover rate		20	%		9	%		19	%		7	%		11	%

(a) Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b) A sales charge for Class A shares is not reflected in total return calculations.

See accompanying notes to financial statements.

|  98

Financial Highlights (continued)

For a share outstanding throughout each period

	Growth Fund—Class C
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	21.21		$	18.66		$	14.53		$	14.68		$	12.92
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.20	)		(0.20	)		(0.11	)		(0.06	)		(0.05	)
Net realized and unrealized gain (loss)		(5.35	)		3.74			4.64			0.65			2.10
Total from Investment Operations		(5.55	)		3.54			4.53			0.59			2.05
LESS DISTRIBUTIONS FROM:
Net realized capital gains		(1.24	)		(0.99	)		(0.40	)		(0.74	)		(0.29	)
Net asset value, end of the period	$	14.42		$	21.21		$	18.66		$	14.53		$	14.68
Total return(b)		(28.05	)%		19.55	%		31.76	%		5.05	%		16.09	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	65,977		$	127,003		$	128,764		$	120,493		$	130,133
Net expenses		1.65	%		1.63	%		1.65	%		1.66	%		1.65	%
Gross expenses		1.65	%		1.63	%		1.65	%		1.66	%		1.65	%
Net investment loss		(1.05	)%		(0.97	)%		(0.71	)%		(0.39	)%		(0.36	)%
Portfolio turnover rate		20	%		9	%		19	%		7	%		11	%

(a) Per share net investment loss has been calculated using the average shares outstanding during the period.

(b) A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

See accompanying notes to financial statements.

99  |

Financial Highlights (continued)

For a share outstanding throughout each period

	Growth Fund—Class N
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	25.73		$	22.26		$	17.17		$	17.15		$	14.97
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.01			0.02			0.07			0.11			0.12
Net realized and unrealized gain (loss)		(6.63	)		4.49			5.53			0.76			2.44
Total from Investment Operations		(6.62	)		4.51			5.60			0.87			2.56
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.05	)		(0.11	)		(0.11	)		(0.09	)
Net realized capital gains		(1.24	)		(0.99	)		(0.40	)		(0.74	)		(0.29	)
Total Distributions		(1.24	)		(1.04	)		(0.51	)		(0.85	)		(0.38	)
Net asset value, end of the period	$	17.87		$	25.73		$	22.26		$	17.17		$	17.15
Total return		(27.25	)%		20.80	%		33.26	%		6.14	%		17.40	%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	663,001		$	806,186		$	579,571		$	442,787		$	1,001,688
Net expenses		0.57	%		0.56	%		0.57	%		0.56	%		0.57	%(c)
Gross expenses		0.57	%		0.56	%		0.57	%		0.56	%		0.58	%
Net investment income		0.04	%		0.09	%		0.38	%		0.69	%		0.73	%
Portfolio turnover rate		20	%		9	%		19	%		7	%		11	%

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

See accompanying notes to financial statements.

|  100

Financial Highlights (continued)

For a share outstanding throughout each period

	Growth Fund—Class Y
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	25.73		$	22.26		$	17.17		$	17.14		$	14.97
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.01	)		0.01			0.05			0.10			0.10
Net realized and unrealized gain (loss)		(6.62	)		4.48			5.53			0.77			2.44
Total from Investment Operations		(6.63	)		4.49			5.58			0.87			2.54
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.03	)		(0.09	)		(0.10	)		(0.08	)
Net realized capital gains		(1.24	)		(0.99	)		(0.40	)		(0.74	)		(0.29	)
Total Distributions		(1.24	)		(1.02	)		(0.49	)		(0.84	)		(0.37	)
Net asset value, end of the period	$	17.86		$	25.73		$	22.26		$	17.17		$	17.14
Total return		(27.29	)%		20.72	%		33.15	%		6.09	%		17.25	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	7,594,603		$	11,094,922		$	9,313,775		$	7,017,707		$	6,620,996
Net expenses		0.65	%		0.64	%		0.65	%		0.66	%		0.65	%
Gross expenses		0.65	%		0.64	%		0.65	%		0.66	%		0.65	%
Net investment income (loss)		(0.05	)%		0.02	%		0.27	%		0.60	%		0.64	%
Portfolio turnover rate		20	%		9	%		19	%		7	%		11	%

(a) Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

See accompanying notes to financial statements.

101  |

Financial Highlights (continued)

For a share outstanding throughout each period

	Intermediate Duration Bond Fund—Class A
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	10.58		$	10.99		$	10.51		$	9.97		$	10.29
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.15			0.11			0.19			0.25			0.22
Net realized and unrealized gain (loss)		(1.30	)		(0.11	)		0.54			0.55			(0.31	)
Total from Investment Operations		(1.15	)		(0.00	)(b)		0.73			0.80			(0.09	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.15	)		(0.12	)		(0.20	)		(0.26	)		(0.23	)
Net realized capital gains		(0.05	)		(0.29	)		(0.05	)		—			—
Total Distributions		(0.20	)		(0.41	)		(0.25	)		(0.26	)		(0.23	)
Net asset value, end of the period	$	9.23		$	10.58		$	10.99		$	10.51		$	9.97
Total return(c)(d)		(10.98	)%		(0.06	)%		7.06	%		8.11	%		(0.85	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	18,077		$	20,942		$	19,962		$	21,415		$	19,149
Net expenses(e)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Gross expenses		0.68	%		0.70	%		0.72	%		0.72	%		0.70	%
Net investment income		1.49	%		1.03	%		1.78	%		2.42	%		2.17	%
Portfolio turnover rate		144	%		100	%		123	%		135	%		152	%

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) A sales charge for Class A shares is not reflected in total return calculations.

(d) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(e) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

See accompanying notes to financial statements.

|  102

Financial Highlights (continued)

For a share outstanding throughout each period

	Intermediate Duration Bond Fund—Class C
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	10.62		$	11.02		$	10.54		$	10.00		$	10.30
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.03			0.11			0.17			0.13
Net realized and unrealized gain (loss)		(1.29	)		(0.11	)		0.54			0.55			(0.31	)
Total from Investment Operations		(1.23	)		(0.08	)		0.65			0.72			(0.18	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.07	)		(0.03	)		(0.12	)		(0.18	)		(0.12	)
Net realized capital gains		(0.05	)		(0.29	)		(0.05	)		—			—
Total Distributions		(0.12	)		(0.32	)		(0.17	)		(0.18	)		(0.12	)
Net asset value, end of the period	$	9.27		$	10.62		$	11.02		$	10.54		$	10.00
Total return(b)(c)		(11.65	)%		(0.76	)%		6.27	%		7.28	%		(1.71	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	174		$	315		$	668		$	467		$	2
Net expenses(d)		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%
Gross expenses		1.43	%		1.45	%		1.46	%		1.48	%		1.45	%
Net investment income		0.60	%		0.30	%		1.00	%		1.64	%		1.31	%
Portfolio turnover rate		144	%		100	%		123	%		135	%		152	%

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(c) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

See accompanying notes to financial statements.

103  |

Financial Highlights (continued)

For a share outstanding throughout each period

	Intermediate Duration Bond Fund—Class N
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Period Ended September 30, 2019*
Net asset value, beginning of the period	$	10.57		$	10.98		$	10.50		$	10.07
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.18			0.14			0.22			0.17
Net realized and unrealized gain (loss)		(1.30	)		(0.11	)		0.54			0.45
Total from Investment Operations		(1.12	)		0.03			0.76			0.62
LESS DISTRIBUTIONS FROM:
Net investment income		(0.18	)		(0.15	)		(0.23	)		(0.19	)
Net realized capital gains		(0.05	)		(0.29	)		(0.05	)		—
Total Distributions		(0.23	)		(0.44	)		(0.28	)		(0.19	)
Net asset value, end of the period	$	9.22		$	10.57		$	10.98		$	10.50
Total return(b)		(10.73	)%		0.25	%		7.39	%		6.19	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	19,294		$	20,094		$	3,307		$	3,546
Net expenses(d)		0.35	%		0.35	%		0.35	%		0.35	%(e)
Gross expenses		0.37	%		0.38	%		0.43	%		0.42	%(e)
Net investment income		1.80	%		1.32	%		2.09	%		2.54	%(e)
Portfolio turnover rate		144	%		100	%		123	%		135	%(f)

* From commencement of Class operations on February 1, 2019 through September 30, 2019.

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c) Periods less than one year are not annualized.

(d) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e) Computed on an annualized basis for periods less than one year.

(f) Represents the Fund’s portfolio turnover rate for year ended September 30, 2019.

See accompanying notes to financial statements.

|  104

Financial Highlights (continued)

For a share outstanding throughout each period

	Intermediate Duration Bond Fund—Class Y
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	10.58		$	10.99		$	10.51		$	9.97		$	10.29
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.17			0.14			0.21			0.27			0.25
Net realized and unrealized gain (loss)		(1.29	)		(0.11	)		0.54			0.55			(0.31	)
Total from Investment Operations		(1.12	)		0.03			0.75			0.82			(0.06	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.18	)		(0.15	)		(0.22	)		(0.28	)		(0.26	)
Net realized capital gains		(0.05	)		(0.29	)		(0.05	)		—			—
Total Distributions		(0.23	)		(0.44	)		(0.27	)		(0.28	)		(0.26	)
Net asset value, end of the period	$	9.23		$	10.58		$	10.99		$	10.51		$	9.97
Total return(b)		(10.76	)%		0.20	%		7.33	%		8.38	%		(0.60	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	255,418		$	340,326		$	293,577		$	215,752		$	148,119
Net expenses(c)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Gross expenses		0.44	%		0.45	%		0.47	%		0.48	%		0.45	%
Net investment income		1.70	%		1.28	%		2.01	%		2.67	%		2.43	%
Portfolio turnover rate		144	%		100	%		123	%		135	%		152	%

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

See accompanying notes to financial statements.

105  |

Financial Highlights (continued)

For a share outstanding throughout each period

	Limited Term Government and Agency Fund—Class A
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	11.40		$	11.54		$	11.34		$	11.09		$	11.32
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.07			0.04			0.11			0.15			0.11
Net realized and unrealized gain (loss)		(0.72	)		(0.11	)		0.25			0.34			(0.13	)
Total from Investment Operations		(0.65	)		(0.07	)		0.36			0.49			(0.02	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		(0.07	)		(0.16	)		(0.24	)		(0.21	)
Net asset value, end of the period	$	10.65		$	11.40		$	11.54		$	11.34		$	11.09
Total return(b)		(5.75	)%(c)		(0.58	)%(c)		3.19	%		4.42	%		(0.17	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	246,532		$	287,244		$	296,217		$	308,186		$	328,475
Net expenses		0.69	%(d)(e)		0.73	%(d)(f)(g)		0.78	%(h)		0.80	%		0.80	%
Gross expenses		0.72	%(e)		0.73	%(f)		0.78	%		0.80	%		0.80	%
Net investment income		0.65	%		0.36	%		0.93	%		1.31	%		1.02	%
Portfolio turnover rate		203	%		247	%		319	%(i)		527	%(i)		157	%

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) A sales charge for Class A shares is not reflected in total return calculations.

(c) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e) Includes refund of prior year service fee of 0.01%. See Note 6b of Notes to Financial Statements.

(f) Includes refund of prior year service fee of 0.01%.

(g) Effective July 1, 2021, the expense limit decreased from 0.75% to 0.70%.

(h) Effective July 1, 2020, the expense limit decreased from 0.80% to 0.75%.

(i) The variation in the Fund’s turnover rate from 2018 to 2020 is due to changes in volume of U.S. Treasury securities related to certain trading strategies.

See accompanying notes to financial statements.

|  106

Financial Highlights (continued)

For a share outstanding throughout each period

	Limited Term Government and Agency Fund—Class C
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	11.38		$	11.54		$	11.35		$	11.10		$	11.33
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.02	)		(0.05	)		0.02			0.06			0.03
Net realized and unrealized gain (loss)		(0.71	)		(0.11	)		0.24			0.34			(0.13	)
Total from Investment Operations		(0.73	)		(0.16	)		0.26			0.40			(0.10	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.03	)		(0.00	)(b)		(0.07	)		(0.15	)		(0.13	)
Net asset value, end of the period	$	10.62		$	11.38		$	11.54		$	11.35		$	11.10
Total return(c)		(6.43	)%(d)		(1.35	)%(d)		2.34	%		3.64	%		(0.91	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	14,145		$	24,922		$	19,628		$	22,142		$	23,341
Net expenses		1.45	%(e)		1.48	%(e)(f)		1.53	%(g)		1.55	%		1.55	%
Gross expenses		1.48	%		1.49	%		1.53	%		1.55	%		1.55	%
Net investment income (loss)		(0.16	)%		(0.40	)%		0.18	%		0.57	%		0.24	%
Portfolio turnover rate		203	%		247	%		319	%(h)		527	%(h)		157	%

(a) Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(d) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(e) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(f) Effective July 1, 2021, the expense limit decreased from 1.50% to 1.45%.

(g) Effective July 1, 2020, the expense limit decreased from 1.55% to 1.50%.

(h) The variation in the Fund’s turnover rate from 2018 to 2020 is due to changes in volume of U.S. Treasury securities related to certain trading strategies.

See accompanying notes to financial statements.

107  |

Financial Highlights (continued)

For a share outstanding throughout each period

	Limited Term Government and Agency Fund—Class N
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	11.43		$	11.57		$	11.37		$	11.12		$	11.36
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.08			0.14			0.19			0.15
Net realized and unrealized gain (loss)		(0.73	)		(0.11	)		0.26			0.33			(0.14	)
Total from Investment Operations		(0.62	)		(0.03	)		0.40			0.52			0.01
LESS DISTRIBUTIONS FROM:
Net investment income		(0.13	)		(0.11	)		(0.20	)		(0.27	)		(0.25	)
Net asset value, end of the period	$	10.68		$	11.43		$	11.57		$	11.37		$	11.12
Total return(b)		(5.45	)%		(0.25	)%		3.53	%		4.77	%		0.09	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	19,656		$	12,972		$	11,035		$	5,272		$	3,176
Net expenses(c)		0.39	%		0.40	%(d)		0.45	%(e)		0.46	%		0.46	%
Gross expenses		0.40	%		0.41	%		0.46	%		0.48	%		0.48	%
Net investment income		1.03	%		0.68	%		1.20	%		1.65	%		1.37	%
Portfolio turnover rate		203	%		247	%		319	%(f)		527	%(f)		157	%

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(d) Effective July 1, 2021, the expense limit decreased from 0.45% to 0.40%.

(e) Effective July 1, 2020, the expense limit decreased from 0.50% to 0.45%.

(f) The variation in the Fund’s turnover rate from 2018 to 2020 is due to changes in volume of U.S. Treasury securities related to certain trading strategies.

See accompanying notes to financial statements.

|  108

Financial Highlights (continued)

For a share outstanding throughout each period

	Limited Term Government and Agency Fund—Class Y
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	11.43		$	11.57		$	11.38		$	11.13		$	11.36
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.07			0.13			0.17			0.14
Net realized and unrealized gain (loss)		(0.72	)		(0.11	)		0.25			0.34			(0.13	)
Total from Investment Operations		(0.62	)		(0.04	)		0.38			0.51			0.01
LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		(0.10	)		(0.19	)		(0.26	)		(0.24	)
Net asset value, end of the period	$	10.69		$	11.43		$	11.57		$	11.38		$	11.13
Total return		(5.42	)%(b)		(0.33	)%(b)		3.35	%		4.67	%		0.09	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	491,162		$	707,904		$	691,616		$	457,248		$	366,847
Net expenses		0.45	%(c)		0.48	%(c)(d)		0.53	%(e)		0.55	%		0.55	%
Gross expenses		0.48	%		0.49	%		0.53	%		0.55	%		0.55	%
Net investment income		0.87	%		0.61	%		1.11	%		1.55	%		1.26	%
Portfolio turnover rate		203	%		247	%		319	%(f)		527	%(f)		157	%

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(d) Effective July 1, 2021, the expense limit decreased from 0.50% to 0.45%.

(e) Effective July 1, 2020, the expense limit decreased from 0.55% to 0.50%.

(f) The variation in the Fund’s turnover rate from 2018 to 2020 is due to changes in volume of U.S. Treasury securities related to certain trading strategies.

See accompanying notes to financial statements.

109  |

Notes to Financial Statements

September 30, 2022

1.   Organization.  Natixis Funds Trust I, Loomis Sayles Funds I and Loomis Sayles Funds II (the “Trusts” and each a “Trust”) are each organized as a Massachusetts business trust. Each Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end management investment company. Each Declaration of Trust permits the Board of Trustees to authorize the issuance of an unlimited number of shares of the Trust in multiple series. The financial statements for certain funds of the Trusts are presented in separate reports. The following funds (individually, a “Fund” and collectively, the “Funds”) are included in this report:

Natixis Funds Trust I:

Loomis Sayles Core Plus Bond Fund (the “Core Plus Bond Fund”)

Loomis Sayles Funds I:

Loomis Sayles Intermediate Duration Bond Fund (the “Intermediate Duration Bond Fund”)

Loomis Sayles Funds II:

Loomis Sayles Credit Income Fund (the “Credit Income Fund”)

Loomis Sayles Global Allocation Fund (the “Global Allocation Fund”)

Loomis Sayles Growth Fund (the “Growth Fund”)

Loomis Sayles Limited Term Government and Agency Fund (the “Limited Term Government and Agency Fund”)

Each Fund is a diversified investment company.

Each Fund, except Growth Fund, offers Class A, Class C, Class N and Class Y shares. Growth Fund was closed to new investors effective April 28, 2017. Growth Fund offers Class A, Class C, Class N, and Class Y shares to defined contribution and defined benefit plans, clients of registered investment advisers and registered representatives trading through intermediary programs/platforms on which the Fund is already available and existing shareholders.

Class A shares are sold with a maximum front-end sales charge of 4.25% for Core Plus Bond Fund, Credit Income Fund and Intermediate Duration Bond Fund, 5.75% for Global Allocation Fund and Growth Fund, and 2.25% for Limited Term Government and Agency Fund. Class C shares do not pay a front-end sales charge, pay higher Rule 12b-1 fees than Class A shares for eight years (at which point they automatically convert to Class A shares) (prior to May 1, 2021, Class C shares automatically converted to Class A shares after ten years) and may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Class Y shares are offered with an initial minimum investment of $100,000. Certain categories of investors are exempted from the minimum investment amounts for Class N and Class Y as outlined in the relevant Funds’ prospectus.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the Funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), and Natixis ETF Trust and Natixis ETF Trust II (“Natixis ETF Trusts”). Expenses of a Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule 12b-1 fees applicable to Class A and Class C), and transfer agent fees are borne collectively for Class A, Class C and Class Y, and individually for Class N. In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of the Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

2.  Significant Accounting Policies.  The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. The Funds’ financial statements follow the accounting and reporting guidelines provided for investment companies and are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Management has evaluated the events and transactions subsequent to year-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Funds’ financial statements.

a.  Valuation.  Registered investment companies are required to value portfolio investments using an unadjusted, readily available market quotation. Each Fund obtains readily available market quotations from independent pricing services. Fund investments for which readily available market quotations are not available are priced at fair value pursuant to the Funds’ Valuation Procedures. The Board of Trustees has approved a valuation designee who is subject to the Board’s oversight.

Unadjusted readily available market quotations that are utilized for exchange traded equity securities (including shares of closed-end investment companies and exchange-traded funds) include the last sale price quoted on the exchange where the security is traded

|  110

Notes to Financial Statements (continued)

September 30, 2022

most extensively. Futures contracts are valued at the closing settlement price on the exchange on which the valuation designee believes that, over time, they are traded most extensively. Shares of open-end investment companies are valued at net asset value per share.

Exchange traded equity securities for which there is no reported sale during the day are fair valued at the closing bid quotation as reported by an independent pricing service. Unlisted equity securities (except unlisted preferred equity securities) are fair valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be fair valued using evaluated bids furnished by an independent pricing service, if available.

Debt securities and unlisted preferred equity securities are fair valued based on evaluated bids furnished to the Funds by an independent pricing service or bid prices obtained from broker-dealers. Short sales of debt investments are fair valued based on an evaluated ask price furnished to the Funds by an independent pricing service. Senior loans and collateralized loan obligations are fair valued at bid prices supplied by an independent pricing service, if available. Broker-dealer bid prices may be used to fair value debt, unlisted equities, senior loans and collateralized loan obligations where an independent pricing service is unable to price an investment or where an independent pricing service does not provide a reliable price for the investment. Forward foreign currency contracts are fair valued utilizing interpolated rates determined based on information provided by an independent pricing service. Bilateral credit default swaps are fair valued based on mid prices (between the bid price and the ask price) supplied by an independent pricing service. Bilateral interest rate swaps are fair valued based on prices supplied by an independent pricing source. Centrally cleared swap agreements are fair valued at settlement prices of the clearing house on which the contracts were traded or prices obtained from broker-dealers.

The Funds may also fair value investments in other circumstances such as when extraordinary events occur after the close of a foreign market, but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing a Fund’s investments, the valuation designee may, among other things, use modeling tools or other processes that may take into account factors such as issuer specific information, or other related market activity and/or information that occurred after the close of the foreign market but before the time the Fund’s net asset value (“NAV”) is calculated. Fair valuation by the Fund(s) valuation designee may require subjective determinations about the value of the investment, and fair values used to determine a Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of investments held by a Fund.

b.  Investment Transactions and Related Investment Income.  Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, is recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Loan consent fees, upfront origination fees and/or amendment fees are recorded when received and included in interest income on the Statements of Operations. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. Periodic principal adjustments for inflation-protected securities are recorded to interest income. Negative principal adjustments (in the event of deflation) are recorded as reductions of interest income to the extent of interest income earned, not to exceed the amount of positive principal adjustments on a cumulative basis. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

c.  Short Sales.   A short sale is a transaction in which a Fund sells a security it does not own, usually in anticipation of a decline in the fair market value of the security. When closing out a short position, a Fund will have to purchase the security it originally sold short. The value of short sales is reflected as a liability in the Statements of Assets and Liabilities and is marked-to-market daily. A Fund will realize a profit from closing out a short position if the price of the security sold short has declined since the short position was opened; a Fund will realize a loss from closing out a short position if the value of the shorted security has risen since the short position was opened. Because there is no upper limit on the price to which a security can rise, short selling exposes a Fund to potentially unlimited losses. The Funds intend to cover their short sale transactions by segregating or earmarking liquid assets, such that the segregated/earmarked amount, equals the current market value of the securities underlying the short sale.

For the year ended September 30, 2022, Core Plus Bond Fund engaged in short sales.

111  |

Notes to Financial Statements (continued)

September 30, 2022

d.  Foreign Currency Translation.  The books and records of the Funds are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars, if any, are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars on the respective dates of such transactions.

Net realized foreign exchange gains or losses arise from sales of foreign currency, changes in exchange rates between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded in the Funds’ books and records and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities, other than investment securities, as of the end of the fiscal period, resulting from changes in exchange rates. Net realized foreign exchange gains or losses and the net change in unrealized foreign exchange gains or losses are disclosed in the Statements of Operations. For federal income tax purposes, net realized foreign exchange gains or losses are characterized as ordinary income and may, if the Funds have net losses, reduce the amount of income available to be distributed by the Funds.

The values of investment securities are presented at the foreign exchange rates prevailing at the end of the period for financial reporting purposes. Net realized and unrealized gains or losses on investments reported in the Statements of Operations reflect gains or losses resulting from changes in exchange rates and fluctuations which arise due to changes in market prices of investment securities. For federal income tax purposes, a portion of the net realized gain or loss on investments arising from changes in exchange rates, which is reflected in the Statements of Operations, may be characterized as ordinary income and may, if the Funds have net losses, reduce the amount of income available to be distributed by the Funds.

The Funds may use foreign currency exchange contracts to facilitate transactions in foreign-denominated investments. Losses may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

e.  Forward Foreign Currency Contracts.  A Fund may enter into forward foreign currency contracts, including forward foreign cross currency contracts to acquire exposure to foreign currencies or to hedge the Funds’ investments against currency fluctuation. A contract can also be used to offset a previous contract. These contracts involve market risk in excess of the unrealized appreciation (depreciation) reflected in the Funds’ Statements of Assets and Liabilities. The U.S. dollar value of the currencies a Fund has committed to buy or sell represents the aggregate exposure to each currency the Fund has acquired or hedged through currency contracts outstanding at period end. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Contracts are traded over-the-counter directly with a counterparty. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Certain contracts may require the movement of cash and/or securities as collateral for the Funds’ or counterparty’s net obligations under the contracts. Forward foreign currency contracts outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

f.  Futures Contracts.  A Fund may enter into futures contracts. Futures contracts are agreements between two parties to buy and sell a particular instrument or index for a specified price on a specified future date.

When a Fund enters into a futures contract, it is required to deposit with (or for the benefit of) its broker an amount of cash or short-term high-quality securities as “initial margin.” As the value of the contract changes, the value of the futures contract position increases or declines. Subsequent payments, known as “variation margin,” are made or received by a Fund, depending on the price fluctuations in the fair value of the contract and the value of cash or securities on deposit with the broker. The aggregate principal amounts of the contracts are not recorded in the financial statements. Daily fluctuations in the value of the contracts are recorded in the Statements of Assets and Liabilities as a receivable (payable) and in the Statements of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses). Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When a Fund enters into a futures contract certain risks may arise, such as illiquidity in the futures market, which may limit a Fund’s ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates. Futures contracts outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

Futures contracts are exchange-traded. Exchange-traded futures contracts are standardized and are settled through a clearing house with fulfillment supported by the credit of the exchange. Therefore, counterparty credit risks to the Funds are reduced; however, in the event that a counterparty enters into bankruptcy, a Fund’s claim against initial/variation margin on deposit with the counterparty may be subject to terms of a final settlement in bankruptcy court.

g.  Swap Agreements.  A Fund may enter into credit default swaps. A credit default swap is an agreement between two parties (the “protection buyer” and “protection seller”) to exchange the credit risk of an issuer (“reference obligation”) for a specified time period.

|  112

Notes to Financial Statements (continued)

September 30, 2022

The reference obligation may be one or more debt securities or an index of such securities. The Funds may be either the protection buyer or the protection seller. As a protection buyer, the Funds have the ability to hedge the downside risk of an issuer or group of issuers. As a protection seller, the Funds have the ability to gain exposure to an issuer or group of issuers whose bonds are unavailable or in short supply in the cash bond market, as well as realize additional income in the form of fees paid by the protection buyer. The protection buyer is obligated to pay the protection seller a stream of payments (“fees”) over the term of the contract, provided that no credit event, such as a default or a downgrade in credit rating, occurs on the reference obligation. The Funds may also pay or receive upfront premiums. If a credit event occurs, the protection seller must pay the protection buyer the difference between the agreed upon notional value and market value of the reference obligation. Market value in this case is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the value. The maximum potential amount of undiscounted future payments that a Fund as the protection seller could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement.

Implied credit spreads, represented in absolute terms, are disclosed in the Portfolio of Investments for those agreements for which the Fund is the protection seller. Implied credit spreads serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The notional amounts of swap agreements are not recorded in the financial statements. Swap agreements are valued daily and fluctuations in the value are recorded in the Statements of Operations as change in unrealized appreciation (depreciation) on swap agreements. Fees are accrued in accordance with the terms of the agreement and are recorded in the Statement of Assets and Liabilities as part of unrealized appreciation (depreciation) on swap agreements. When received or paid, fees are recorded in the Statement of Operations as realized gain or loss. Upfront premiums paid or received by the Funds are recorded on the Statements of Assets and Liabilities as an asset or liability, respectively, and are amortized or accreted over the term of the agreement and recorded as realized gain or loss. Payments made or received by the Funds as a result of a credit event or termination of the agreement are recorded as realized gain or loss.

Swap agreements are privately negotiated in the over-the-counter (“OTC”) market and may be entered into as a bilateral contract or centrally cleared (“centrally cleared swaps”). Bilateral swap agreements are traded between counterparties and, as such, are subject to the risk that a party to the agreement will not be able to meet its obligations. In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the “CCP”) and the Fund faces the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Subsequent payments, known as “variation margin,” are made or received by the Fund based on the daily change in the value of the centrally cleared swap agreement. For centrally cleared swaps, the Fund’s counterparty credit risk is reduced as the CCP stands between the Fund and the counterparty. The Funds cover their net obligations under outstanding swap agreements by segregating or earmarking cash or securities. Swap agreements outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

h.  When-Issued and Delayed Delivery Transactions.  A Fund may enter into when-issued or delayed delivery transactions. When-issued refers to transactions made conditionally because a security, although authorized, has not been issued. Delayed delivery refers to transactions for which delivery or payment will occur at a later date, beyond the normal settlement period. The price of when-issued and delayed delivery securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The security and the obligation to pay for it are recorded by the Funds at the time the commitment is entered into. The value of the security may vary with market fluctuations during the time before the Funds take delivery of the security. No interest accrues to the Funds until the transaction settles.

Delayed delivery transactions include those designated as To Be Announced (“TBAs”) in the Portfolios of Investments. For TBAs, the actual security that will be delivered to fulfill the transaction is not designated at the time of the trade. The security is “to be announced” 48 hours prior to the established trade settlement date. Certain transactions require the Funds or counterparty to post cash and/or securities as collateral for the net mark-to-market exposure to the other party. The Funds cover their net obligations under outstanding delayed delivery commitments by segregating or earmarking cash or securities.

Purchases of when-issued or delayed delivery securities may have a similar effect on the Funds’ NAV as if the Funds’ had created a degree of leverage in the portfolio. Risks may arise upon entering into such transactions from the potential inability of counterparties to meet their obligations under the transactions. Additionally, losses may arise due to changes in the value of the underlying securities.

i.  Federal and Foreign Income Taxes.  The Trusts treat each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies,

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September 30, 2022

and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of September 30, 2022 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years, where applicable, remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next twelve months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

A Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statements of Operations as a reduction of investment income, net of amounts that have been or are expected to be reclaimed and paid. Dividends and interest receivable on the Statements of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes where reclaims have been or are expected to be filed and paid are reflected on the Statements of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statements of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statements of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to a Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.

Certain Funds have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries (EU reclaims) and may continue to make such filings when it is determined to be in the best interest of the Funds and their shareholders. These filings are subject to various administrative proceedings by the local jurisdictions’ tax authorities within the European Union, as well as a number of related judicial proceedings. EU reclaims are recognized by a Fund when deemed more likely than not to be collected, and are reflected as a reduction of foreign taxes withheld in the Statements of Operations. Any related receivable is reflected as tax reclaims receivable in the Statements of Assets and Liabilities. Under certain circumstances, EU reclaims may be subject to closing agreements with the Internal Revenue Service (IRS), which may materially reduce the reclaim amounts realized by the Funds. Fees and expenses associated with closing agreements will be reflected in the Statements of Operations when it is determined that a closing agreement with the IRS is required.

j.  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as foreign currency gains and losses, net operating losses, premium amortization and paydown gains and losses. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees, forward foreign currency contract mark-to-market, wash sales, premium amortization foreign currency gains and losses, futures contract mark-to-market and paydown gains and losses. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and net realized short-term capital gains are considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the years ended September 30, 2022 and 2021 was as follows:

	2022 Distributions						2021 Distributions
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
Core Plus Bond Fund	$	203,923,706	$	17,404,702	$	221,328,408	$	363,707,896	$	35,563,095	$	399,270,991
Credit Income Fund		778,535		45,086		823,621		779,271		—		779,271
Global Allocation Fund		17,835,692		349,351,833		367,187,525		26,444,526		229,409,750		255,854,276
Growth Fund		38,655,122		627,018,288		665,673,410		24,536,652		508,298,281		532,834,933
Intermediate Duration Bond Fund		6,692,992		1,181,959		7,874,951		12,774,431		1,137,809		13,912,240
Limited Term Government and Agency Fund		9,340,395		—		9,340,395		8,302,317		—		8,302,317

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Notes to Financial Statements (continued)

September 30, 2022

Distributions paid to shareholders from net investment income and net realized capital gains, based on accounting principles generally accepted in the United States of America, are consolidated and reported on the Statements of Changes in Net Assets as Distributions to Shareholders. Distributions paid to shareholders from net investment income and net realized capital gains expressed in per-share amounts, based on accounting principles generally accepted in the United States of America, are separately stated and reported within the Financial Highlights.

As of September 30, 2022, the components of distributable earnings on a tax basis were as follows:

	Core Plus Bond Fund			Credit Income Fund			Global Allocation Fund			Growth Fund
Undistributed ordinary income	$	2,398,474		$	100,896		$	—		$	1,801,992
Undistributed long-term capital gains		—			38,241			254,473,665			1,212,454,444
Total undistributed earnings		2,398,474			139,137			254,473,665			1,214,256,436
Capital loss carryforward:
Short-term:
No expiration date		(190,454,871	)		—			—			—
Long-term:
No expiration date		(126,333,113	)		—			—			—
Total capital loss carryforward		(316,787,984	)		—			—			—
Late-year ordinary and post-October capital loss deferrals*		—			—			(32,949,657	)		—
Unrealized appreciation (depreciation)		(939,619,383	)		(4,254,087	)		(312,833,154	)		1,772,351,926
Total accumulated earnings (losses)	$	(1,254,008,893	)	$	(4,114,950	)	$	(91,309,146	)	$	2,986,608,362

* Under current tax law, net operating losses, capital losses, foreign currency losses, and losses on passive foreign investment companies and contingent payment debt instruments after October 31 or December 31, as applicable, may be deferred and treated as occurring on the first day of the following taxable year. Global Allocation Fund is deferring foreign currency losses.

	Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
Undistributed ordinary income	$	61,355		$	382,029
Capital loss carryforward:
Short-term:
No expiration date		(15,733,520	)		(6,200,137	)
Long-term:
No expiration date		(5,381,480	)		(46,724,620	)
Total capital loss carryforward		(21,115,000	)		(52,924,757	)
Unrealized depreciation		(22,326,069	)		(35,864,233	)
Total accumulated losses	$	(43,379,714	)	$	(88,406,961	)

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September 30, 2022

As of September 30, 2022, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:

	Core Plus Bond Fund			Credit Income Fund			Global Allocation Fund			Growth Fund			Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
Federal tax cost	$	6,782,577,760		$	24,588,150		$	3,258,631,660		$	7,731,211,345		$	314,827,127		$	806,695,585
Gross tax appreciation	$	13,522,679		$	79,536		$	172,525,710		$	2,819,795,771		$	8,776		$	579,032
Gross tax depreciation		(953,069,951	)		(4,333,623	)		(484,976,479	)		(1,047,125,552	)		(22,334,845	)		(36,443,265	)
Net tax appreciation (depreciation)	$	(939,547,272	)	$	(4,254,087	)	$	(312,450,769	)	$	1,772,670,219		$	(22,326,069	)	$	(35,864,233	)

The difference between these amounts and those reported in the components of distributable earnings, if any, is primarily attributable to capital gains taxes and foreign exchange gains or losses.

k.  Senior Loans.  A Fund’s investment in senior loans may be to corporate, governmental or other borrowers. Senior loans, which include both secured and unsecured loans made by banks and other financial institutions to corporate customers, typically hold the most senior position in a borrower’s capital structure, may be secured by the borrower’s assets and have interest rates that reset frequently. Senior Loans can include term loans, revolving credit facility loans and second lien loans. A senior loan is often administered by a bank or other financial institution that acts as agent for all holders. The agent administers the terms of the senior loan, as specified in the loan agreement. Large loans may be shared or syndicated among several lenders. A Fund may enter into the primary syndicate for a loan or it may also purchase all or a portion of loans from other lenders (sometimes referred to as loan assignments), in either case becoming a direct lender. The settlement period for senior loans is uncertain as there is no standardized settlement schedule applicable to such investments. Senior loans outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

l.  Collateralized Loan Obligations.  A Fund may invest in collateralized loan obligations (“CLOs”). A CLO is a type of asset-backed security designed to redirect the cash flows from a pool of leveraged loans to investors based on their risk preferences. Cash flows from a CLO are split into two or more portions, called tranches, varying in risk and yield. The risk of an investment in a CLO depends largely on the type of the collateralized securities and the class of the instrument in which the Fund invests. CLOs outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

m.  Repurchase Agreements.  Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of September 30, 2022, each Fund, as applicable, had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

n.  Due to/from Brokers.  Transactions and positions in certain futures, forward foreign currency contracts and swap agreements are maintained and cleared by registered U.S. broker/dealers pursuant to customer agreements between the Funds and the various broker/dealers. The due from brokers balance in the Statements of Assets and Liabilities for Core Plus Bond Fund represents cash pledged as initial margin for futures contracts. The due from brokers balance in the Statements of Assets and Liabilities for Credit Income Fund represents cash pledged as initial margin for closed centrally cleared swap agreements. The due from brokers balance in the Statements of Assets and Liabilities for Global Allocation Fund represents cash pledged as collateral for forward foreign currency contracts and as initial margin for futures contracts and closed centrally cleared swap agreements. The due from brokers balance in the Statements of Assets and Liabilities for Intermediate Duration Bond Fund represents cash pledged as initial margin for futures contracts. The due to brokers balance in the Statements of Assets and Liabilities for Global Allocation Fund represents cash received as collateral for forward foreign currency contracts. In certain circumstances a Fund’s use of cash held at brokers is restricted by regulation or broker mandated limits.

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September 30, 2022

o.  Securities Lending.  Each Fund, except Credit Income Fund, has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Funds, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value (including accrued interest) of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value (including accrued interest) of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value (including accrued interest) of loaned securities for non-U.S. equities; and at least 100% of the market value (including accrued interest) of loaned securities for U.S. Government securities, sovereign debt issued by non-U.S. Governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Funds may bear the risk of loss with respect to the investment of the collateral. The Funds invest cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Funds and State Street Bank as lending agent.

For the year ended September 30, 2022, none of the Funds had loaned securities under this agreement.

p.  Indemnifications.  Under the Trusts’ organizational documents, their officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

q.  New Accounting Pronouncement.  In June 2022, the Financial Accounting Standards Board issued Accounting Standards Update 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in ASC 820 related to the measurement of fair value of an equity security subject to contractual sale restrictions, eliminating the ability to apply a discount to the fair value of such securities, and introducing related disclosure requirements. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the impact of applying this update.

In January 2021, the Financial Accounting Standards Board issued Accounting Standard Update 2021-01, Reference Rate Reform (Topic 848) (“ASU 2021-01”). ASU 2021-01 is an update of ASU 2020-04, which was issued in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of the London Interbank Offered Rate (“LIBOR”), expected to occur no later than June 30, 2023. Regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides temporary guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 amendments offer optional expedients for contract modifications that would allow an entity to account for such modifications by prospectively adjusting the effective interest rate, instead of evaluating each contract, in accordance with existing accounting standards, as to whether reference rate modifications constitute the establishment of new contracts or the continuation of existing contracts. ASU 2021-01 clarifies that certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The amendments are currently effective and an entity may elect to apply its provisions as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020. Management expects to apply the optional expedients when appropriate.

3.  Fair Value Measurements.  In accordance with accounting standards related to fair value measurements and disclosures, the Funds have categorized the inputs utilized in determining the value of each Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:

• Level 1 – quoted prices in active markets for identical assets or liabilities;

• Level 2 – prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and

• Level 3 – prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect each Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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September 30, 2022

The Funds’ pricing policies have been approved by the Board of Trustees. Investments for which market quotations are readily available are categorized in Level 1. Other investments for which an independent pricing service is utilized are categorized in Level 2. Broker-dealer bid prices for which the Funds have knowledge of the inputs used by the broker-dealer are categorized in Level 2. All other investments, including broker-dealer bid prices for which the Funds do not have knowledge of the inputs used by the broker-dealer, as well as investments fair valued by the valuation designee, are categorized in Level 3. All Level 2 and 3 securities are defined as being fair valued.

Under certain conditions and based upon specific facts and circumstances, the Fund’s valuation designee may determine that a fair valuation should be made for portfolio investment(s). These valuation designee fair valuations will be based upon a significant amount of Level 3 inputs.

The following is a summary of the inputs used to value the Funds’ investments as of September 30, 2022, at value:

Core Plus Bond Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
Non-Convertible Bonds
Collateralized Mortgage Obligations	$	—	$	7,404,821	$	122,859	$	7,527,680
All Other Non-Convertible Bonds(a)		—		5,324,987,956		—		5,324,987,956
Total Non-Convertible Bonds		—		5,332,392,777		122,859		5,332,515,636
Municipals(a)		—		7,718,386		—		7,718,386
Total Bonds and Notes		—		5,340,111,163		122,859		5,340,234,022
Senior Loans(a)		—		168,585,158		—		168,585,158
Collateralized Loan Obligations		—		102,287,601		—		102,287,601
Short-Term Investments		—		231,923,707		—		231,923,707
Total	$	—	$	5,842,907,629	$	122,859	$	5,843,030,488

Liability Valuation Inputs

Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(14,563,241	)	$	—	$	—	$	(14,563,241	)

(a) Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

Credit Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes(a)	$	—	$	18,678,691	$	—	$	18,678,691
Collateralized Loan Obligations		—		654,709		—		654,709
Preferred Stocks
Wireless		—		281,225		—		281,225
All Other Preferred Stocks(a)		225,354		—		—		225,354
Total Preferred Stocks		225,354		281,225		—		506,579
Short-Term Investments		—		494,084		—		494,084
Total Investments		225,354		20,108,709		—		20,334,063
Futures Contracts (unrealized appreciation)		27,929		—		—		27,929
Total	$	253,283	$	20,108,709	$	—	$	20,361,992

Liability Valuation Inputs

Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(49,579	)	$	—	$	—	$	(49,579	)

(a) Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

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September 30, 2022

Global Allocation Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks
France	$	—	$	126,150,449	$	—	$	126,150,449
Hong Kong		—		17,118,056		—		17,118,056
Japan		—		57,198,252		—		57,198,252
Netherlands		—		77,797,832		—		77,797,832
Sweden		—		57,938,355		—		57,938,355
Taiwan		—		48,103,814		—		48,103,814
United Kingdom		82,733,936		15,800,275		—		98,534,211
United States		1,479,221,294		—		—		1,479,221,294
Total Common Stocks		1,561,955,230		400,107,033		—		1,962,062,263
Bonds and Notes(a)		—		956,616,099		—		956,616,099
Preferred Stocks(a)		1,786,728		4,828,071		—		6,614,799
Short-Term Investments		—		20,415,194		—		20,415,194
Total Investments		1,563,741,958		1,381,966,397		—		2,945,708,355
Forward Foreign Currency Contracts (unrealized appreciation)		—		2,209,051		—		2,209,051
Total	$	1,563,741,958	$	1,384,175,448	$	—	$	2,947,917,406

Liability Valuation Inputs

Description	Level 1			Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—		$	(5,597,291	)	$	—	$	(5,597,291	)
Futures Contracts (unrealized depreciation)		(2,233,142	)		—			—		(2,233,142	)
Total	$	(2,233,142	)	$	(5,597,291	)	$	—	$	(7,830,433	)

(a) Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	9,407,879,775	$	—	$	—	$	9,407,879,775
Short-Term Investments		—		96,001,789		—		96,001,789
Total	$	9,407,879,775	$	96,001,789	$	—	$	9,503,881,564

(a) Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

Intermediate Duration Bond Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
Collateralized Mortgage Obligations	$	—	$	3,537,479	$	201	$	3,537,680
All Other Bonds and Notes(a)		—		283,130,241		—		283,130,241
Total Bonds and Notes		—		286,667,720		201		286,667,921
Short-Term Investments		—		5,833,137		—		5,833,137
Total Investments	$	—	$	292,500,857	$	201	$	292,501,058
Futures Contracts (unrealized appreciation)		148,972		—		—		148,972
Total	$	148,972	$	292,500,857	$	201	$	292,650,030

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Notes to Financial Statements (continued)

September 30, 2022

Intermediate Duration Bond Fund (continued)

Liability Valuation Inputs

Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(1,420,738	)	$	—	$	—	$	(1,420,738	)

(a) Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

Limited Term Government and Agency Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
Collateralized Mortgage Obligations	$	—	$	103,746,869	$	3,867,800	$	107,614,669
All Other Bonds and Notes(a)		—		631,164,795		—		631,164,795
Total Bonds and Notes		—		734,911,664		3,867,800		738,779,464
Short-Term Investments		—		32,051,888		—		32,051,888
Total	$	—	$	766,963,552	$	3,867,800	$	770,831,352

(a) Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2021 and/or September 30, 2022:

Core Plus Bond Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2021		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of September 30, 2022		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2022
Bonds and Notes
Non-Convertible Bonds
Collateralized Mortgage Obligations	$	1,001,922	$	—	$	(16,371	)	$	4,286	$	2,971	$	(869,949	)	$	—	$	—	$	122,859	$	(12,112	)

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September 30, 2022

Intermediate Duration Bond Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2021		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of September 30, 2022		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2022
Bonds and Notes
ABS Other	$	564,912	$	—	$	—		$	—		$	—	$	—		$	—	$	(564,912	)	$	—	$	—
Collateralized Mortgage Obligations		531		—		(3	)		(22	)		—		(305	)		—		—			201		(24	)
Total	$	565,443	$	—	$	(3	)	$	(22	)	$	—	$	(305	)	$	—	$	(564,912	)	$	201	$	(24	)

A debt security valued at $564,912 was transferred from Level 3 to Level 2 during the period ended September 30, 2022. At September 30, 2021, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the security. At September 30, 2022, this security was fair valued based on evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

Limited Term Government and Agency Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2021		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of September 30, 2022		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2022
Bonds and Notes
Collateralized Mortgage Obligations	$	4,629,151	$	—	$	(84,484	)	$	(260,229	)	$	359	$	(1,400,056	)	$	983,059	$	—	$	3,867,800	$	(271,447	)

Debt securities valued at $983,059 were transferred from Level 2 to Level 3 during the period ended September 30, 2022. At September 30, 2021, these securities were valued based on evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At September 30, 2022, these securities were fair valued as determined by the Fund’s valuation designee as an independent pricing service did not provide a reliable price for the securities.

4.  Derivatives.  Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments that Core Plus Bond Fund, Credit Income Fund, Global Allocation Fund and Intermediate Duration Bond Fund used during the period include forward foreign currency contracts, futures contracts and swap agreements.

Credit Income Fund and Global Allocation Fund are subject to the risk that companies in which the Fund invests will fail financially or otherwise be unwilling or unable to meet their obligations to the Fund. The Funds may use credit default swaps, as a protection buyer, to hedge its credit exposure to issuers of bonds it holds without having to sell the bonds. The Funds may also use credit default swaps, as a protection seller, to gain investment exposure. During the year ended September 30, 2022, Credit Income Fund and Global Allocation Fund engaged in credit default swap agreements (as a protection seller) to gain investment exposure.

Core Plus Bond Fund, Credit Income Fund, Global Allocation Fund and Intermediate Duration Bond Fund are subject to the risk that changes in interest rates will affect the value of the Funds’ investments in fixed income securities. The Funds will be subject to increased interest rate risk to the extent that they invest in fixed income securities with longer maturities or durations, as compared to investing in fixed income securities with shorter maturities or durations. The Funds may use futures contracts to hedge against

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September 30, 2022

changes in interest rates and to manage duration without having to buy or sell portfolio securities. The Funds may also use futures contracts to gain investment exposure. During the year ended September 30, 2022, Core Plus Bond Fund, Credit Income Fund, Global Allocation Fund and Intermediate Duration Bond Fund each used futures contracts to manage duration.

Global Allocation Fund is subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Fund may enter into forward foreign currency contracts for hedging purposes to protect the value of the Fund’s holdings of foreign securities. The Fund may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the Fund. During the year ended September 30, 2022, Global Allocation Fund engaged in forward foreign currency transactions for hedging purposes and to gain exposure to foreign currencies.

The following is a summary of derivative instruments for Core Plus Bond Fund as of September 30, 2022, as reflected within the Statements of Assets and Liabilities:

Liabilities	Unrealized depreciation on futures contracts1
Exchange-traded liability derivatives Interest rate contracts	$	(14,563,241	)

¹  Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day’s variation margin on futures contracts is reported within the Statements of Assets and Liabilities as receivable or payable for variation margin, as applicable.

Transactions in derivative instruments for Core Plus Bond Fund during the year ended September 30, 2022, as reflected within the Statements of Operations, were as follows:

Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$	(7,112,236	)

Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$	(14,563,241	)

The following is a summary of derivative instruments for Credit Income Fund as of September 30, 2022, as reflected within the Statements of Assets and Liabilities:

Assets	Unrealized appreciation on futures contracts1
Exchange-traded asset derivatives Interest rate contracts	$	27,929

Liabilities	Unrealized depreciation on futures contracts1
Exchange-traded liability derivatives Interest rate contracts	$	(49,579	)

¹  Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day’s variation margin on futures contracts is reported within the Statements of Assets and Liabilities as receivable or payable for variation margin, as applicable.

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Notes to Financial Statements (continued)

September 30, 2022

Transactions in derivative instruments for Credit Income Fund during the year ended September 30, 2022, as reflected within the Statements of Operations, were as follows:

Net Realized Gain (Loss) on:	Futures contracts		Swap agreements
Interest rate contracts	$	293,058	$	—
Credit contracts		—		5,371
Total	$	293,058	$	5,371

Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$	(57,368	)

The following is a summary of derivative instruments for Global Allocation Fund as of September 30, 2022, as reflected within the Statements of Assets and Liabilities:

Assets	Unrealized appreciation on forward foreign currency contracts
Over-the-counter asset derivatives Foreign exchange contracts	$	2,209,051

Liabilities	Unrealized depreciation on forward foreign currency contracts			Unrealized depreciation on futures contracts1
Over-the-counter liability derivatives Foreign exchange contracts	$	(5,597,291	)	$	—
Exchange-traded liability derivatives Interest rate contracts		—			(2,233,142	)
Total liability derivatives	$	(5,597,291	)	$	(2,233,142	)

¹  Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day’s variation margin on futures contracts is reported within the Statements of Assets and Liabilities as receivable or payable for variation margin, as applicable.

Transactions in derivative instruments for Global Allocation Fund during the year ended September 30, 2022, as reflected within the Statements of Operations, were as follows:

Net Realized Gain (Loss) on:	Forward foreign currency contracts			Futures contracts			Swap agreements
Interest rate contracts	$	—		$	(315,243	)	$	—
Foreign exchange contracts		(52,272,395	)		—			—
Credit contracts		—			—			127,433
Total	$	(52,272,395	)	$	(315,243	)	$	127,433

Net Change in Unrealized Appreciation (Depreciation) on:	Forward foreign currency contracts		Futures contracts
Interest rate contracts	$	—	$	(2,901,289	)
Foreign exchange contracts		1,334,625		—
Total	$	1,334,625	$	(2,901,289	)

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Notes to Financial Statements (continued)

September 30, 2022

The following is a summary of derivative instruments for Intermediate Duration Bond Fund as of September 30, 2022, as reflected within the Statements of Assets and Liabilities:

Assets	Unrealized appreciation on futures contracts1
Exchange-traded asset derivatives Interest rate contracts	$	148,972

Liabilities	Unrealized depreciation on futures contracts1
Exchange-traded liability derivatives Interest rate contracts	$	(1,420,738	)

¹  Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day’s variation margin on futures contracts is reported within the Statements of Assets and Liabilities as receivable or payable for variation margin, as applicable.

Transactions in derivative instruments for Intermediate Duration Bond Fund during the year ended September 30, 2022, as reflected within the Statements of Operations, were as follows:

Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$	(1,596,732	)

Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$	(1,274,989	)

As the Funds value their derivatives at fair value and recognize changes in fair value through the Statements of Operations, they do not qualify for hedge accounting under authoritative guidance for derivative instruments. The Funds’ investments in derivatives may represent an economic hedge; however, they are considered to be non-hedge transactions for the purpose of these disclosures.

The volume of forward foreign currency contract, futures contract and swap agreement activity, as a percentage of net assets for Core Plus Bond Fund, Credit Income Fund, Global Allocation Fund and Intermediate Duration Bond Fund, based on gross month-end notional amounts outstanding during the period, including long and short positions at absolute value, was as follows for the year ended September 30, 2022:

Core Plus Bond Fund	Futures
Average Notional Amount Outstanding		1.73	%
Highest Notional Amount Outstanding		6.74	%
Lowest Notional Amount Outstanding		0.00	%
Notional Amount Outstanding as of September 30, 2022		6.74	%

Credit Income Fund	Futures			Credit Default Swaps
Average Notional Amount Outstanding		7.70	%		0.07	%
Highest Notional Amount Outstanding		9.34	%		1.00	%
Lowest Notional Amount Outstanding		2.41	%		0.00	%
Notional Amount Outstanding as of September 30, 2022		5.00	%		0.00	%

Global Allocation Fund	Forwards			Futures			Credit Default Swaps
Average Notional Amount Outstanding		11.62	%		0.66	%		0.01	%
Highest Notional Amount Outstanding		13.78	%		0.96	%		0.15	%
Lowest Notional Amount Outstanding		9.52	%		0.13	%		0.00	%
Notional Amount Outstanding as of September 30, 2022		9.85	%		0.96	%		0.00	%

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Notes to Financial Statements (continued)

September 30, 2022

Intermediate Duration Bond Fund	Futures
Average Notional Amount Outstanding		11.34	%
Highest Notional Amount Outstanding		17.03	%
Lowest Notional Amount Outstanding		6.24	%
Notional Amount Outstanding as of September 30, 2022		14.29	%

Notional amounts outstanding at the end of the prior period are included in the average notional amount outstanding.

Unrealized gain and/or loss on open forwards, futures and swaps is recorded in the Statements of Assets and Liabilities. The aggregate notional values of forwards and futures contracts are not recorded in the Statements of Assets and Liabilities, and therefore are not included in the Funds’ net assets.

Over-the-counter derivatives, including forward foreign currency contracts, are entered into pursuant to International Swaps and Derivatives Association, Inc. (“ISDA”) agreements negotiated between the Funds and their counterparties. ISDA agreements typically contain, among other things, terms for the posting of collateral and master netting provisions in the event of a default or other termination event. Collateral is posted by a Fund or the counterparty to the extent of the net mark-to-market exposure to the other party of all open contracts under the agreement, subject to minimum transfer requirements. Master netting provisions allow the Funds and the counterparty, in the event of a default or other termination event, to offset amounts owed by each related to derivative contracts, including any posted collateral, to one net amount payable by either the Funds or the counterparty. The Funds’ ISDA agreements typically contain provisions that allow a counterparty to terminate open contracts early if the NAV of a Fund declines beyond a certain threshold. For financial reporting purposes, the Funds do not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities.

As of September 30, 2022, gross amounts of over-the-counter derivative assets and liabilities not offset in the Statements of Assets and Liabilities and the related net amounts after taking into account master netting arrangements, by counterparty, are as follows:

Global Allocation Fund
Counterparty	Gross Amounts of Assets		Offset Amount			Net Asset Balance		Collateral (Received)/ Pledged			Net Amount
Bank of America, N.A.	$	57,518	$	(57,518	)	$	—	$	—		$	—
Credit Suisse International		1,357,124		(1,108,376	)		248,748		—			248,748
HSBC Bank USA		204,143		(204,143	)		—		—			—
Morgan Stanley Capital Services, Inc.		449,753		(449,753	)		—		—			—
UBS AG		140,513		(23,985	)		116,528		(116,528	)		—
	$	2,209,051	$	(1,843,775	)	$	365,276	$	(116,528	)	$	248,748

Counterparty	Gross Amounts of Liabilities			Offset Amount		Net Liability Balance			Collateral (Received)/ Pledged		Net Amount
Bank of America, N.A.	$	(97,922	)	$	57,518	$	(40,404	)	$	—	$	(40,404	)
Credit Suisse International		(1,108,376	)		1,108,376		—			—		—
HSBC Bank USA		(602,219	)		204,143		(398,076	)		398,076		—
Morgan Stanley Capital Services, Inc.		(3,764,789	)		449,753		(3,315,036	)		3,315,036		—
UBS AG		(23,985	)		23,985		—			—		—
	$	(5,597,291	)	$	1,843,775	$	(3,753,516	)	$	3,713,112	$	(40,404	)

The actual collateral received or pledged, if any, may exceed the amounts shown in the table due to overcollateralization. Timing differences may exist between when contracts under the ISDA agreements are marked-to-market and when collateral moves. The ISDA agreements include tri-party control agreements under which collateral is held for the benefit of the secured party at a third party custodian, State Street Bank.

Counterparty risk is managed based on policies and procedures established by each Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. A Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the Fund’s aggregated unrealized gains and the amount of any collateral pledged to the counterparty, which may be offset by any collateral posted to the Fund by the counterparty. ISDA master agreements can help to manage counterparty risk by specifying

125  |

Notes to Financial Statements (continued)

September 30, 2022

collateral posting arrangements at pre-arranged exposure levels. Under these ISDA agreements, collateral is routinely transferred if the total net exposure in respect of certain transactions, net of existing collateral already in place, exceeds a specified amount (typically $250,000, depending on the counterparty). With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearing house, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers typically are required to segregate customer margin for exchange-traded derivatives from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund. Based on balances reflected on each Fund’s Statement of Assets and Liabilities, the following table shows (i) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the Fund would incur if parties (including OTC derivative counterparties and brokers holding margin for exchange-traded derivatives) to the relevant financial instruments failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the Fund, and (ii) the amount of loss that the Fund would incur after taking into account master netting provisions pursuant to ISDA agreements, as of September 30, 2022:

Fund	Maximum Amount of Loss—Gross		Maximum Amount of Loss—Net
Core Plus Bond Fund	$	8,300,000	$	8,300,000
Credit Income Fund		73,082		73,082
Global Allocation Fund		8,003,735		2,330,320
Intermediate Duration Bond Fund		475,000		475,000

Net loss amount reflects cash received as collateral for Global Allocation Fund of $120,000, which is recorded on the Statements of Assets and Liabilities.

5.  Purchases and Sales of Securities.  For the year ended September 30, 2022, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:

	U.S. Government/Agency Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Core Plus Bond Fund	$	18,940,257,397	$	19,043,623,356	$	580,893,017	$	2,024,928,517
Credit Income Fund		771,481		530,002		3,895,551		4,118,861
Global Allocation Fund		89,880,452		193,390,648		1,340,962,655		2,013,245,929
Growth Fund		—		—		2,431,007,138		3,082,477,291
Intermediate Duration Bond Fund		142,689,963		196,004,731		340,801,681		324,190,344
Limited Term Government and Agency Fund		1,785,576,690		1,976,318,575		20,323,823		21,178,448

6.  Management Fees and Other Transactions with Affiliates.

a.  Management Fees.  Loomis, Sayles & Company, L.P. (“Loomis Sayles”) serves as investment adviser to each Fund. Loomis Sayles is a limited partnership whose sole general partner, Loomis, Sayles & Company, Inc., is indirectly owned by Natixis Investment Managers, LLC, which is part of Natixis Investment Managers, an international asset management group based in Paris, France.

Under the terms of the management agreements, each Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on the Fund’s average daily net assets:

	Percentage of Average Daily Net Assets
Fund	First $100 million			Next $400 million			Next $500 million			Next $1 billion			Next $2 billion			Over $4 billion
Core Plus Bond Fund		0.2000	%		0.1875	%		0.1875	%		0.1875	%		0.1500	%		0.1500	%
Credit Income Fund		0.4200	%		0.4200	%		0.4200	%		0.4200	%		0.4200	%		0.4200	%
Global Allocation Fund		0.7500	%		0.7500	%		0.7500	%		0.7500	%		0.7300	%		0.7000	%
Growth Fund		0.5000	%		0.5000	%		0.5000	%		0.5000	%		0.5000	%		0.5000	%
Intermediate Duration Bond Fund		0.2500	%		0.2500	%		0.2500	%		0.2500	%		0.2500	%		0.2500	%
Limited Term Government and Agency Fund		0.3250	%		0.3250	%		0.3000	%		0.2500	%		0.2500	%		0.2500	%

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Notes to Financial Statements (continued)

September 30, 2022

Natixis Advisors, LLC (“Natixis Advisors”) serves as the advisory administrator to Core Plus Bond Fund. Natixis Advisors is a wholly-owned subsidiary of Natixis Investment Managers, LLC. Under the terms of the advisory administration agreement, the Fund pays an advisory administration fee at the following annual rates, calculated daily and payable monthly, based on its average daily net assets:

	Percentage of Average Daily Net Assets
Fund	First $100 million			Next $1.9 billion			Over $2 billion
Core Plus Bond Fund		0.2000	%		0.1875	%		0.1500	%

Management and advisory administration fees are presented in the Statements of Operations as management fees.

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until January 31, 2023, except for Core Plus Bond Fund which is in effect until January 31, 2024, may be terminated before then only with the consent of the Funds’ Board of Trustees and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

For the year ended September 30, 2022 the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:

	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Class A			Class C			Class N			Class Y
Core Plus Bond Fund		0.74	%		1.49	%		0.44	%		0.49	%
Credit Income Fund		0.82	%		1.57	%		0.52	%		0.57	%
Global Allocation Fund		1.25	%		2.00	%		0.95	%		1.00	%
Growth Fund		1.25	%		2.00	%		0.95	%		1.00	%
Intermediate Duration Bond Fund		0.65	%		1.40	%		0.35	%		0.40	%
Limited Term Government and Agency Fund		0.70	%		1.45	%		0.40	%		0.45	%

Prior to July 1, 2022, the expense limits as a percentage of average daily net assets under the expense limitation agreement for Core Plus Bond Fund were as follows:

	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Class A			Class C			Class N			Class Y
Core Plus Bond Fund		0.75	%		1.50	%		0.45	%		0.50	%

Loomis Sayles and Natixis Advisors have agreed to equally bear the waivers and/or expense reimbursements for Core Plus Bond Fund.

Loomis Sayles (and Natixis Advisors for Core Plus Bond Fund) shall be permitted to recover expenses borne under the expense limitation agreements (whether through waiver of management fees or otherwise) on a class by class basis in later periods to the extent the annual operating expenses of a class fall below both (1) a class’ expense limitation ratio in place at the time such amounts were waived/reimbursed and (2) a class’ current applicable expense limitation ratio, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

For the year ended September 30, 2022, the management fees and waivers of management fees for each Fund were as follows:

Fund	Gross Management Fees		Contractual Waivers of Management Fees1		Net Management Fees		Percentage of Average Daily Net Assets
							Gross			Net
Core Plus Bond Fund	$	11,883,723	$	206,650	$	11,677,073		0.16	%		0.16	%
Credit Income Fund		96,549		96,549		—		0.42	%		—	%
Global Allocation Fund		31,131,971		—		31,131,971		0.74	%		0.74	%
Growth Fund		61,919,222		—		61,919,222		0.50	%		0.50	%
Intermediate Duration Bond Fund		874,113		118,557		755,556		0.25	%		0.22	%
Limited Term Government and Agency Fund		2,919,401		—		2,919,401		0.31	%		0.31	%

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Notes to Financial Statements (continued)

September 30, 2022

For the year ended September 30, 2022, class-specific expenses have been reimbursed as follows:

	Reimbursement1
Fund	Class A		Class C		Class N		Class Y		Total
Limited Term Government and Agency Fund	$	74,162	$	5,238	$	—	$	164,012	$	243,412

¹  Waiver/expense reimbursements are subject to possible recovery until September 30, 2023.

In addition, Loomis Sayles reimbursed non-class specific expenses of Credit Income Fund in the amount of $83,572. Expense reimbursements are subject to possible recovery until September 30, 2023.

For the year ended September 30, 2022, the advisory administration fees for Core Plus Bond Fund were $11,883,723 (effective rate of 0.16% of average daily net assets).

No expenses were recovered for any of the Funds during the year ended September 30, 2022 under the terms of the expense limitation agreements.

b.  Service and Distribution Fees.  Natixis Distribution, LLC (“Natixis Distribution”), which is a wholly-owned subsidiary of Natixis Investment Managers, LLC, has entered into a distribution agreement with the Trusts. Pursuant to this agreement, Natixis Distribution serves as principal underwriter of the Funds of the Trusts.

Pursuant to Rule 12b-1 under the 1940 Act, the Trusts have adopted a Service Plan relating to each Fund’s Class A shares (the “Class A Plans”), and a Distribution and Service Plan relating to each Fund’s Class C shares (the “Class C Plans”).

Under the Class A Plans, each Fund pays Natixis Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Class A shares, as reimbursement for expenses incurred by Natixis Distribution in providing personal services to investors in Class A shares and/or the maintenance of shareholder accounts.

Under the Class C Plans, each Fund pays Natixis Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Class C shares, as compensation for services provided by Natixis Distribution in providing personal services to investors in Class C shares and/or the maintenance of shareholder accounts.

Also under the Class C Plans, each Fund pays Natixis Distribution a monthly distribution fee at an annual rate of 0.75% of the average daily net assets attributable to the Fund’s Class C shares, as compensation for services provided by Natixis Distribution in connection with the marketing or sale of Class C shares.

For the year ended September 30, 2022, the service and distribution fees for each Fund were as follows:

	Service Fees				Distribution Fees
Fund	Class A		Class C		Class C
Core Plus Bond Fund	$	1,459,487	$	181,179	$	543,536
Credit Income Fund		261		3		8
Global Allocation Fund		1,616,598		1,073,579		3,220,737
Growth Fund		3,834,414		250,252		750,755
Intermediate Duration Bond Fund		51,884		712		2,137
Limited Term Government and Agency Fund		647,161		49,806		149,419

For the year ended September 30, 2022, Natixis Distribution refunded Limited Term Government and Agency Fund $20,054 of prior year Class A service fees paid to Natixis Distribution in excess of amounts subsequently paid to securities dealers or financial intermediaries. Service and distribution fees on the Statements of Operations have been reduced by these amounts.

c.  Administrative Fees.  Natixis Advisors provides certain administrative services for the Funds and contracts with State Street Bank to serve as sub-administrator. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trusts and Natixis Advisors, each Fund pays Natixis Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0540% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0275% of the next $30 billion and 0.0225% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts of $10 million, which is reevaluated on an annual basis.

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Notes to Financial Statements (continued)

September 30, 2022

For the year ended September 30, 2022, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Core Plus Bond Fund	$	3,265,761
Credit Income Fund		10,145
Global Allocation Fund		1,860,255
Growth Fund		5,454,700
Intermediate Duration Bond Fund		154,230
Limited Term Government and Agency Fund		411,358

d.  Sub-Transfer Agent Fees.  Natixis Distribution has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the Funds and has agreed to compensate the intermediaries for providing those services. Intermediaries transact with the Funds primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Funds. These services would have been provided by the Funds’ transfer agent and other service providers if the shareholders’ accounts were maintained directly at the Funds’ transfer agent. Accordingly, the Funds have agreed to reimburse Natixis Distribution for all or a portion of the servicing fees paid to these intermediaries. The reimbursement amounts (sub-transfer agent fees) paid to Natixis Distribution are subject to a current per-account equivalent fee limit approved by the Funds’ Board of Trustees, which is based on fees for similar services paid to the Funds’ transfer agent and other service providers. Class N shares do not bear such expenses.

For the year ended September 30, 2022, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:

Fund	Sub-Transfer Agent Fees
Core Plus Bond Fund	$	5,153,096
Credit Income Fund		27
Global Allocation Fund		3,072,093
Growth Fund		8,616,664
Intermediate Duration Bond Fund		222,399
Limited Term Government and Agency Fund		501,102

As of September 30, 2022, the Funds owe Natixis Distribution the following reimbursements for sub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor):

Fund	Reimbursements of Sub-Transfer Agent Fees
Core Plus Bond Fund	$	59,307
Credit Income Fund		1
Global Allocation Fund		53,123
Growth Fund		89,583
Intermediate Duration Bond Fund		2,325
Limited Term Government and Agency Fund		13,252

Sub-transfer agent fees attributable to Class A, Class C and Class Y are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes.

129  |

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September 30, 2022

e.  Commissions.  Commissions (including CDSCs) on Fund shares retained by Natixis Distribution during the year ended September 30, 2022, were as follows:

Fund	Commissions
Core Plus Bond Fund	$	43,434
Global Allocation Fund		179,606
Growth Fund		72,455
Intermediate Duration Bond Fund		737
Limited Term Government and Agency Fund		68,663

f.  Trustees Fees and Expenses.  The Trusts do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis Investment Managers, LLC or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $369,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $210,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the chairperson of the Contract Review Committee, the chairperson of the Audit Committee and the chairperson of the Governance Committee each receive an additional retainer fee at the annual rate of $20,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

Prior to January 1, 2022, each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $199,000. All other Trustees fees remained unchanged.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts as designated by the participating Trustees. Changes in the value of participants’ deferral accounts are allocated pro rata among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts and are normally reflected as Trustees’ fees and expenses in the Statements of Operations. Deferred amounts remain in the funds until distributed in accordance with the provisions of the Plan. The portions of the accrued obligations allocated to the Funds under the Plan are reflected as Deferred Trustees’ fees in the Statements of Assets and Liabilities.

For the year ended September 30, 2022, net depreciation in the value of participants’ deferral accounts are reflected on the Statements of Operations as a reduction to expenses, as follows:

Fund	Amount
Core Plus Bond Fund	$	(111,172	)
Global Allocation Fund		(42,781	)
Growth Fund		(65,470	)
Intermediate Duration Bond Fund		(24,584	)
Limited Term Government Agency Fund		(77,294	)

Certain officers and employees of Natixis Advisors and Loomis Sayles are also officers and/or Trustees of the Trusts.

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Notes to Financial Statements (continued)

September 30, 2022

g.  Affiliated Ownership.  As of September 30, 2022, the percentage of each Fund’s net assets owned by affiliates is as follows:

	Percentage of Net Assets
Core Plus Bond Fund
Loomis Sayles Employees’ Profit Sharing Retirement Plan		0.15	%
Credit Income Fund
Natixis and Affiliates		98.95	%
Loomis Sayles Employees		0.04	%
		98.99	%
Global Allocation Fund
Loomis Sayles Employees’ Profit Sharing Retirement Plan		0.63	%
Growth Fund
Loomis Sayles Employees’ Profit Sharing Retirement Plan		0.68	%
Loomis Sayles Funded Pension Plan and Trust		0.08	%
		0.76	%
Intermediate Duration Bond Fund
Loomis Sayles Employees’ Profit Sharing Retirement Plan		0.80	%
Limited Term Government and Agency Fund
Loomis Sayles Employees’ Profit Sharing Retirement Plan		0.28	%
Loomis Sayles Distribution and Trust		0.71	%
Natixis Sustainable Future 2015 Fund		0.07	%
Natixis Sustainable Future 2020 Fund		0.05	%
Natixis Sustainable Future 2025 Fund		0.07	%
Natixis Sustainable Future 2030 Fund		0.10	%
Natixis Sustainable Future 2035 Fund		0.08	%
Natixis Sustainable Future 2040 Fund		0.04	%
Natixis Sustainable Future 2045 Fund		0.03	%
		1.43	%

Investment activities of affiliated shareholders could have material impacts on the Funds.

h.  Reimbursement of Transfer Agent Fees and Expenses.  Natixis Advisors has given a binding contractual undertaking to Credit Income Fund, Intermediate Duration Bond Fund and Limited Term Government and Agency Fund to reimburse any and all transfer agency expenses for the Funds’ Class N shares. This undertaking is in effect through January 31, 2023 and is not subject to recovery under the expense limitation agreement described above.

For the year ended September 30, 2022, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:

	Reimbursement of Transfer Agency Expenses
Fund	Class N
Credit Income Fund	$	1,049
Intermediate Duration Bond Fund		1,101
Limited Term Government and Agency Fund		1,392

7.  Class-Specific Transfer Agent Fees and Expenses.  Transfer agent fees and expenses attributable to Class A, Class C and Class Y are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

131  |

Notes to Financial Statements (continued)

September 30, 2022

For the year ended September 30, 2022, the Funds incurred the following class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable):

	Transfer Agent Fees and Expenses
Fund	Class A		Class C		Class N		Class Y
Core Plus Bond Fund	$	611,781	$	76,044	$	11,651	$	4,778,660
Credit Income Fund		1,912		18		1,049		979
Global Allocation Fund		522,856		346,482		3,935		2,284,029
Growth Fund		1,281,660		83,079		4,672		8,282,197
Intermediate Duration Bond Fund		14,557		204		1,101		218,000
Limited Term Government and Agency Fund		225,559		16,664		1,392		530,469

8.  Line of Credit.  Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, entered into a $500,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $500,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid certain legal fees in connection with the line of credit agreement, which are being amortized over a period of 364 days and are reflected in legal fees on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.

For the year ended September 30, 2022, Intermediate Duration Bond Fund had an average daily balance on the line of credit (for those days on which there were borrowings) of $2,300,000 at a weighted average interest rate of 1.18%. Interest expense incurred on the line of credit was $75.

9.  Risk.  Global Allocation Fund’s investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information risks. The Fund’s investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.

Core Plus Bond Fund and Limited Term Government and Agency Fund’s investments in mortgage-related and asset-backed securities are subject to certain risks not associated with investments in other securities. Mortgage-related and asset-backed securities are subject to the risk that unexpected changes in interest rates will have a direct effect on expected maturity. A shortened maturity may result in the reinvestment of prepaid amounts in securities with lower yields than the original obligations. An extended maturity may result in a reduction of a security’s value.

Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region and around the world are impossible to predict, but could be significant and have a severe adverse effect on the region and around the world, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

10.  Concentration of Ownership.  From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of September 30, 2022, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Funds’ total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:

	Number of 5% Account Holders		Percentage of Ownership
Core Plus Bond Fund		2		11.78	%
Growth Fund		2		19.48	%
Intermediate Duration Bond Fund		4		67.93	%

Omnibus shareholder accounts for which Natixis Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment models where a shareholder account may be invested for a non-discretionary customer are included in the table above. For other omnibus accounts, the Funds do not have information on the individual shareholder accounts underlying the omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

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Notes to Financial Statements (continued)

September 30, 2022

11.  Capital Shares.  Each Fund may issue an unlimited number of shares of beneficial interest, without par value. Transactions in capital shares were as follows:

	Year Ended September 30, 2022						Year Ended September 30, 2021
Core Plus Bond Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		10,474,485		$	132,986,632			29,816,749		$	411,705,864
Issued in connection with the reinvestment of distributions		938,411			11,828,548			1,418,984			19,617,302
Redeemed		(28,114,978	)		(356,886,979	)		(20,094,174	)		(276,883,383	)
Net change		(16,702,082	)	$	(212,071,799	)		11,141,559		$	154,439,783
Class C
Issued from the sale of shares		423,129		$	5,278,465			1,270,632		$	17,680,906
Issued in connection with the reinvestment of distributions		100,207			1,261,196			267,935			3,719,298
Redeemed		(3,221,131	)		(40,470,551	)		(3,908,443	)		(53,805,611	)
Net change		(2,697,795	)	$	(33,930,890	)		(2,369,876	)	$	(32,405,407	)
Class N
Issued from the sale of shares		38,179,814		$	490,210,689			74,310,781		$	1,036,339,256
Issued in connection with the reinvestment of distributions		5,162,553			65,205,642			7,758,533			108,261,976
Redeemed		(62,977,876	)		(811,978,447	)		(83,980,462	)		(1,169,430,230	)
Net change		(19,635,509	)	$	(256,562,116	)		(1,911,148	)	$	(24,828,998	)
Class Y
Issued from the sale of shares		102,729,590		$	1,306,190,967			165,904,514		$	2,311,069,290
Issued in connection with the reinvestment of distributions		8,612,778			108,982,625			15,514,659			216,562,574
Redeemed		(194,725,398	)		(2,468,017,072	)		(118,855,676	)		(1,651,141,438	)
Redeemed in-kind (Note 12)		—			—			(77,281,925	)		(1,057,989,549	)
Net change		(83,383,030	)	$	(1,052,843,480	)		(14,718,428	)	$	(181,499,123	)
Decrease from capital share transactions		(122,418,416	)	$	(1,555,408,285	)		(7,857,893	)	$	(84,293,745	)

	Year Ended September 30, 2022						Year Ended September 30, 2021
Credit Income Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		11,798		$	103,473			8,583		$	87,178
Issued in connection with the reinvestment of distributions		389			3,571			215			2,194
Net change		12,187		$	107,044			8,798		$	89,372
Class C
Issued in connection with the reinvestment of distributions		3		$	25			2		$	20
Net change		3		$	25			2		$	20
Class N
Issued in connection with the reinvestment of distributions		—		$	—			70,365		$	717,264
Redeemed		—			—			(136,187	)		(1,400,000	)
Net change		—		$	—			(65,822	)	$	(682,736	)
Class Y
Issued from the sale of shares		5,804		$	57,920			1,992		$	20,000
Issued in connection with the reinvestment of distributions		202			1,898			63			641
Redeemed		(2,572	)		(24,000	)		—			—
Net change		3,434		$	35,818			2,055		$	20,641
Increase (decrease) from capital share transactions		15,624		$	142,887			(54,967	)	$	(572,703	)

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Notes to Financial Statements (continued)

September 30, 2022

11.  Capital Shares (continued).

	Year Ended September 30, 2022						Year Ended September 30, 2021
Global Allocation Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		4,486,306		$	116,023,013			6,524,893		$	180,992,665
Issued in connection with the reinvestment of distributions		1,295,399			36,335,959			920,421			24,308,308
Redeemed		(7,156,453	)		(177,508,478	)		(6,008,771	)		(165,998,676	)
Net change		(1,374,748	)	$	(25,149,506	)		1,436,543		$	39,302,297
Class C
Issued from the sale of shares		1,599,502		$	41,324,930			3,263,944		$	88,556,205
Issued in connection with the reinvestment of distributions		1,119,198			30,632,442			874,791			22,762,056
Redeemed		(4,879,499	)		(116,412,070	)		(5,108,914	)		(139,833,825	)
Net change		(2,160,799	)	$	(44,454,698	)		(970,179	)	$	(28,515,564	)
Class N
Issued from the sale of shares		1,767,033		$	46,769,376			2,841,756		$	79,949,134
Issued in connection with the reinvestment of distributions		769,270			21,747,266			538,052			14,290,673
Redeemed		(2,468,746	)		(61,003,997	)		(1,348,272	)		(37,935,362	)
Net change		67,557		$	7,512,645			2,031,536		$	56,304,445
Class Y
Issued from the sale of shares		17,815,028		$	464,667,649			28,068,845		$	781,608,888
Issued in connection with the reinvestment of distributions		7,072,360			200,006,364			5,159,028			137,075,378
Redeemed		(41,896,295	)		(1,013,036,852	)		(20,980,436	)		(585,757,015	)
Net change		(17,008,907	)	$	(348,362,839	)		12,247,437		$	332,927,251
Increase (decrease) from capital share transactions		(20,476,897	)	$	(410,454,398	)		14,745,337		$	400,018,429

	Year Ended September 30, 2022						Year Ended September 30, 2021
Growth Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		39,717,368		$	783,108,012			14,830,602		$	336,860,802
Issued in connection with the reinvestment of distributions		2,690,613			64,816,875			2,584,797			55,159,560
Redeemed		(44,619,514	)		(895,385,409	)		(15,759,091	)		(358,878,253	)
Net change		(2,211,533	)	$	(47,460,522	)		1,656,308		$	33,142,109
Class C
Issued from the sale of shares		482,265		$	9,254,099			758,965		$	15,406,250
Issued in connection with the reinvestment of distributions		212,100			4,507,128			217,137			4,145,151
Redeemed		(2,108,692	)		(39,692,654	)		(1,887,469	)		(38,343,784	)
Net change		(1,414,327	)	$	(25,931,427	)		(911,367	)	$	(18,792,383	)
Class N
Issued from the sale of shares		16,076,988		$	384,004,405			9,306,755		$	236,713,241
Issued in connection with the reinvestment of distributions		974,540			25,445,235			791,041			18,170,220
Redeemed		(11,291,066	)		(249,812,188	)		(4,802,896	)		(118,776,438	)
Net change		5,760,462		$	159,637,452			5,294,900		$	136,107,023
Class Y
Issued from the sale of shares		106,157,081		$	2,382,270,036			103,087,646		$	2,516,764,085
Issued in connection with the reinvestment of distributions		15,751,106			411,103,854			14,341,619			329,570,400
Redeemed		(127,856,705	)		(2,914,738,824	)		(104,651,246	)		(2,564,375,092	)
Net change		(5,948,518	)	$	(121,364,934	)		12,778,019		$	281,959,393
Increase (decrease) from capital share transactions		(3,813,916	)	$	(35,119,431	)		18,817,860		$	432,416,142

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Notes to Financial Statements (continued)

September 30, 2022

11.  Capital Shares (continued).

	Year Ended September 30, 2022						Year Ended September 30, 2021
Intermediate Duration Bond Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		620,754		$	6,337,904			391,289		$	4,178,504
Issued in connection with the reinvestment of distributions		38,180			379,158			67,348			722,081
Redeemed		(679,509	)		(6,739,182	)		(295,471	)		(3,162,591	)
Net change		(20,575	)	$	(22,120	)		163,166		$	1,737,994
Class C
Issued from the sale of shares		25,419		$	268,078			33,975		$	362,538
Issued in connection with the reinvestment of distributions		318			3,209			1,594			17,157
Redeemed		(36,638	)		(374,076	)		(66,527	)		(713,206	)
Net change		(10,901	)	$	(102,789	)		(30,958	)	$	(333,511	)
Class N
Issued from the sale of shares		223,571		$	2,186,390			1,919,981		$	20,990,656
Issued in connection with the reinvestment of distributions		46,222			457,509			73,626			788,205
Redeemed		(78,242	)		(767,571	)		(393,996	)		(4,192,408	)
Net change		191,551		$	1,876,328			1,599,611		$	17,586,453
Class Y
Issued from the sale of shares		10,432,771		$	104,382,931			10,808,587		$	115,946,231
Issued in connection with the reinvestment of distributions		701,722			6,984,487			1,146,148			12,285,740
Redeemed		(15,625,439	)		(155,292,386	)		(6,495,177	)		(69,613,933	)
Net change		(4,490,946	)	$	(43,924,968	)		5,459,558		$	58,618,038
Increase (decrease) from capital share transactions		(4,330,871	)	$	(42,173,549	)		7,191,377		$	77,608,974

	Year Ended September 30, 2022						Year Ended September 30, 2021
Limited Term Government and Agency Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		3,443,653		$	38,051,151			4,147,975		$	47,644,899
Issued in connection with the reinvestment of distributions		180,701			1,981,779			142,329			1,632,849
Redeemed		(5,686,327	)		(62,870,713	)		(4,760,500	)		(54,613,007	)
Net change		(2,061,973	)	$	(22,837,783	)		(470,196	)	$	(5,335,259	)
Class C
Issued from the sale of shares		355,616		$	3,946,921			1,491,979		$	17,130,682
Issued in connection with the reinvestment of distributions		3,777			41,142			565			6,501
Redeemed		(1,217,350	)		(13,438,953	)		(1,003,816	)		(11,516,279	)
Net change		(857,957	)	$	(9,450,890	)		488,728		$	5,620,904
Class N
Issued from the sale of shares		1,015,581		$	11,197,256			647,112		$	7,445,249
Issued in connection with the reinvestment of distributions		17,409			191,162			9,104			104,691
Redeemed		(327,674	)		(3,626,861	)		(474,940	)		(5,474,545	)
Net change		705,316		$	7,761,557			181,276		$	2,075,395
Class Y
Issued from the sale of shares		29,040,597		$	322,624,285			31,129,058		$	358,564,945
Issued in connection with the reinvestment of distributions		473,606			5,223,069			418,562			4,816,720
Redeemed		(45,475,068	)		(503,368,228	)		(29,381,773	)		(338,427,397	)
Net change		(15,960,865	)	$	(175,520,874	)		2,165,847		$	24,954,268
Increase (decrease) from capital share transactions		(18,175,479	)	$	(200,047,990	)		2,365,655		$	27,315,308

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Notes to Financial Statements (continued)

September 30, 2022

12.  Redemption In-Kind.  In certain circumstances, a Fund may distribute portfolio securities rather than cash as payment for redemption of Fund shares (redemption in-kind). For financial reporting purposes, the Fund will recognize a gain on in-kind redemptions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities; the Fund will recognize a loss if the cost exceeds value. Gains and losses realized on redemptions in-kind are not recognized for tax purposes and are re-classified from realized gain (loss) to paid-in-capital. For the year ended September 30, 2021, Core Plus Bond Fund participated in a redemption in-kind transaction.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Natixis Funds Trust I, Loomis Sayles Funds I and Loomis Sayles Funds II and Shareholders of Loomis Sayles Core Plus Bond Fund, Loomis Sayles Intermediate Duration Bond Fund, Loomis Sayles Credit Income Fund, Loomis Sayles Global Allocation Fund, Loomis Sayles Growth Fund and Loomis Sayles Limited Term Government and Agency Fund:

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Loomis Sayles Core Plus Bond Fund (one of the funds constituting Natixis Funds Trust I), Loomis Sayles Intermediate Duration Bond Fund (one of the funds constituting Loomis Sayles Funds I), and Loomis Sayles Credit Income Fund, Loomis Sayles Global Allocation Fund, Loomis Sayles Growth Fund and Loomis Sayles Limited Term Government and Agency Fund (four of the funds constituting Loomis Sayles Funds II) (hereafter collectively referred to as the “Funds”) as of September 30, 2022, the related statements of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2022 and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian, transfer agent, agency banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

November 21, 2022

We have served as the auditor of one or more investment companies in the Natixis Investment Company Complex since at least 1995. We have not determined the specific year we began serving as auditor.

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2022 U.S. Tax Distribution Information to Shareholders (Unaudited)

Corporate Dividends Received Deduction.  For the fiscal year ended September 30, 2022, a percentage of dividends distributed by the Funds listed below qualify for the dividends received deduction for corporate shareholders. These percentages are as follows:

Fund	Qualifying Percentage
Credit Income Fund		3.39	%
Global Allocation Fund		80.36	%
Growth Fund		100.00	%

Capital Gains Distributions.  Pursuant to Internal Revenue Section 852(b), the following Funds paid distributions, which have been designated as capital gains distributions for the fiscal year ended September 30, 2022, unless subsequently determined to be different.

Fund	Amount
Core Plus Bond Fund	$	17,404,702
Credit Income Fund		45,086
Global Allocation Fund		349,351,833
Growth Fund		627,018,288
Intermediate Duration Bond Fund		1,181,959

Qualified Dividend Income.  For the fiscal year ended September 30, 2022, the Funds below will designate up to the maximum amount allowable pursuant to the Internal Revenue Code as qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual’s tax bracket. If the Funds pay a distribution during calendar year 2022, complete information will be reported in conjunction with Form 1099-DIV.

Fund

Credit Income Fund

Global Allocation Fund

Growth Fund

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Trustee and Officer Information

The tables below provide certain information regarding the Trustees and officers of Natixis Funds Trust I, Loomis Sayles Funds I and Loomis Sayles Funds II (the “Trusts”). Unless otherwise indicated, the address of all persons below is 888 Boylston Street, Suite 800, Boston, MA 02199-8197. The Funds’ Statements of Additional Information includes additional information about the Trustees of the Trusts and is available by calling Natixis Funds/Loomis Sayles Funds at 800-225-5478/800-633-3330.

Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES
Edmond J. English (1953)	Trustee since 2013 Chairperson of the Governance Committee and Contract Review Committee Member	Executive Chairman of Bob’s Discount Furniture (retail)	54 Director, Burlington Stores, Inc. (retail) and Director, Rue Gilt Groupe, Inc. (e-commerce retail)	Significant experience on the Board and on the boards of other business organizations (including retail companies and a bank); executive experience (including at a retail company)
Richard A. Goglia (1951)	Trustee since 2015 Contract Review Committee Member and Governance Committee Member	Retired	54 Formerly, Director of Triumph Group (aerospace industry)	Significant experience on the Board and executive experience (including his role as vice president and treasurer of a defense company and experience at a financial services company)
Wendell J. Knox (1948)	Trustee since 2009 Chairperson of the Contract Review Committee	Retired	54 Director, Abt Associates Inc. (research and consulting); Director, The Hanover Insurance Group (property and casualty insurance); Formerly, Director, Eastern Bank (bank)	Significant experience on the Board and on the boards of other business organizations (including at a bank and at a property and casualty insurance firm); executive experience (including roles as president and chief executive officer of a research and consulting company)

139  |

Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES – continued
Martin T. Meehan (1956)	Trustee since 2012 Contract Review Committee Member and Governance Committee Member	President, University of Massachusetts	54 None	Significant experience on the Board and on the boards of other business organizations; experience as President of the University of Massachusetts; government experience (including as a member of the U.S. House of Representatives); academic experience
Maureen B. Mitchell (1951)	Trustee since 2017 Audit Committee Member and Governance Committee Member	Retired	54 Director, Sterling Bancorp (bank)	Significant experience on the Board; financial services industry and executive experience (including role as president of global sales and marketing at a financial services company)
James P. Palermo (1955)	Trustee since 2016 Audit Committee Member	Founding Partner, Breton Capital Management, LLC (private equity); Partner, STEP Partners, LLC (private equity)	54 Director, FutureFuel.io (chemicals and biofuels)	Significant experience on the Board; financial services industry and executive experience (including roles as chief executive officer of client management and asset servicing for a banking and financial services company)
Erik R. Sirri (1958)	Chairperson of the Board of Trustees since January 2021 Trustee since 2009 Ex Officio member of the Audit Committee, Contract Review Committee and Governance Committee	Professor of Finance at Babson College	54 None	Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist

|  140

Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES – continued
Peter J. Smail (1952)	Trustee since 2009 Audit Committee Member	Retired	54 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)
Kirk A. Sykes (1958)	Trustee since 2019 Audit Committee Member and Governance Committee Member	Managing Director of Accordia Partners, LLC (real estate development); President of Primary Corporation (real estate development); Managing Principal of Merrick Capital Partners (infrastructure finance)	54 Advisor Eastern Bank (bank); Director, Apartment Investment and Management Company (real estate investment trust); formerly Director, Ares Commercial Real Estate Corporation (real estate investment trust)	Experience on the Board and significant experience on the boards of other business organizations (including real estate companies and banks)
Cynthia L. Walker (1956)	Trustee since 2005 Chairperson of the Audit Committee	Retired; Formerly, Deputy Dean for Finance and Administration, Yale University School of Medicine	54 None	Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration)
INTERESTED TRUSTEES
Kevin P. Charleston3 (1965) One Financial Center Boston, MA 02111	Trustee since 2015 President and Chief Executive Officer	President, Chief Executive Officer and Chairman of the Board of Directors, Loomis, Sayles & Company, L.P.	54 None	Significant experience on the Board; continuing service as President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.

141  |

Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INTERESTED TRUSTEES – continued
David L. Giunta4 (1965)	Trustee since 2011 President and Chief Executive Officer of Natixis Funds Trust I; and President of Loomis Sayles Funds II and Executive Vice President of Loomis Sayles Funds I since 2008; Chief Executive Officer of Loomis Sayles Funds II since 2015	President and Chief Executive Officer, Natixis Advisors, LLC and Natixis Distribution, LLC	54 None	Significant experience on the Board; experience as President and Chief Executive Officer of Natixis Advisors, LLC and Natixis Distribution, LLC

¹  Each Trustee serves until retirement, resignation or removal from the Board. The current retirement age is 75. The position of Chairperson of the Board is appointed for a three-year term.

²  The Trustees of the Trusts serve as Trustees of a fund complex that includes all series of the Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust, Loomis Sayles Funds I, Loomis Sayles Funds II, Natixis ETF Trust and Natixis ETF Trust II (collectively, the “Fund Complex”).

³  Mr. Charleston is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.

⁴  Mr. Giunta is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President and Chief Executive Officer, Natixis Advisors, LLC and Natixis Distribution, LLC.

Name and Year of Birth	Position(s) Held with the Trusts	Term of Office1 and Length of Time Served	Principal Occupation(s) During Past 5 Years2
OFFICERS OF THE TRUSTS
Matthew Block (1981)	Treasurer, Principal Financial and Accounting Officer	Since 2022	Senior Vice President, Natixis Advisors, LLC and Natixis Distribution, LLC; formerly, Vice President, Natixis Advisors, LLC and Natixis Distribution, LLC; Assistant Treasurer of the Fund Complex; Managing Director, State Street Bank and Trust Company; Senior Manager, PricewaterhouseCoopers, LLC

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Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trusts	Term of Office1 and Length of Time Served	Principal Occupation(s) During Past 5 Years2
OFFICERS OF THE TRUSTS – continued
Susan McWhan Tobin (1963)	Secretary and Chief Legal Officer	Since 2022	Executive Vice President, General Counsel and Secretary, Natixis Advisors, LLC and Natixis Distribution, LLC; formerly, Executive Vice President and Chief Compliance Officer of Natixis Investment Managers (March 2019– May 2022) and Senior Vice President and Head of Compliance, US for Natixis Investment Managers (July 2011–March 2019)
Natalie R. Wagner (1979)	Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer	Since 2021	Senior Vice President, Natixis Advisors, LLC and Natixis Distribution, LLC; formerly, Vice President, Head of Corporate Compliance, Global Atlantic Financial Group

¹  Each officer of the Trusts serves for an indefinite term in accordance with the Trusts’ current by-laws until the date his or her successor is elected and qualified, or until he or she sooner dies, retires, is removed or becomes disqualified.

²  Each person listed above, except as noted, holds the same position(s) with the Fund Complex. Previous positions during the past five years with Natixis Distribution, LLC, Natixis Advisors, LLC or Loomis, Sayles & Company, L.P. are omitted, if not materially different from an officer’s current position with such entity.

143  |

Loomis Sayles Small Cap Growth Fund

Loomis Sayles Small Cap Value Fund

Loomis Sayles Small/Mid Cap Growth Fund

Annual Report

September 30, 2022

TABLE OF CONTENTS
Portfolio Review	1
Portfolio of Investments	17
Financial Statements	25
Notes to Financial Statements	34

LOOMIS SAYLES SMALL CAP GROWTH FUND

Managers	Symbols
Mark F. Burns, CFA®	Institutional Class	LSSIX
John J. Slavik, CFA®	Retail Class	LCGRX
	Class N	LSSNX

Investment Objective

The Fund’s investment objective is long-term capital growth from investments in common stocks or other equity securities.

Market Conditions

The bear market that started in 2021 continued through the end of the period, as the first nine months of 2022 marked the fourth worst start to a year for small and midcap stocks going back to 1926. The third quarter of 2022 was the third consecutive quarterly decline for US equities, as every domestic size and style box was down.

The Russell 2000^® Growth Index had its second worst start to the year since 2002, falling nearly 30% year-to-date and 38% from its peak. During the first nine months of 2022, market volatility in both directions has been quite significant. Historically, some of the biggest rallies have occurred during bear markets, and this period was certainly no exception. The most recent quarter started with optimism that the Federal Reserve (Fed) might pivot away from its monetary policy tightening but ended with the reality that inflation is going to be harder to tame than most originally thought. Recession risks are also rising, and a recession may have already started in the second half of 2022, with business confidence, housing and manufacturing orders all in recession territory.

While we do expect earnings estimates to continue to trend downward, we believe the market has discounted a lot of this bad news to date. Although overall sentiment remains bearish and further volatility near-term is likely, we believe there are bullish indicators that may be starting to emerge, particularly for small cap equities (relative to large caps) as we look ahead longer-term.

Performance Results

For the 12 months ended September 30, 2022, Institutional Class shares of the Loomis Sayles Small Cap Growth Fund returned -24.77% at net asset value. The Fund outperformed its benchmark, the Russell 2000^® Growth Index, which returned -29.27%.

Explanation of Fund Performance

Stock selection in the health care, information technology, and industrials sectors contributed most strongly to positive relative performance during the period. Conversely, stock selection within the energy sector and relative positioning in the energy and materials sectors detracted from relative performance.

The Fund’s top contributors to relative performance at the individual stock level were health care services and technology company Evolent Health Inc, healthcare services company Option Care Health Inc, and biotechnology company PTC Therapeutics Inc. Evolent Health helps providers and payers move towards a value-based payment system. Evolent has performed well, as it reported another strong quarter in August and provided an update that indicates its positive momentum should continue well into 2023. Option Care Health focuses on providing drug infusion services to patients at home or in specialty infusion clinics. Unlike many other healthcare service companies, Option Care Health made it through inflationary pressures with minimal impact on their income statement. In addition, the company continued to benefit from the transition to home health care services. PTC Therapeutics focuses on treating rare diseases. The company benefitted from positive results in a confirmatory European clinical trial for its Duchenne muscular dystrophy treatment. The result firmed up the company’s long-term revenue outlook and raised the possibility of bringing this product to the US market.

Conversely, the largest detractors of relative performance among individual stocks were digital on-demand printer manufacturer Kornit Digital Ltd., leading stock image and online video marketplace Shutterstock Inc., and leading cybersecurity provider Rapid7 Inc. Kornit Digital serves the growing e-commerce sector. The stock saw a sharp sell-off due to a rotation away from high-growth, high-valuation stocks during the period. Also, investors feared that Kornit’s massive growth during the Covid-19 pandemic period likely pulled forward demand, thus potentially slowing future growth. Shutterstock’s stock had been weak following a disappointing report in the first quarter of 2022 in which topline growth slowed, and there are emerging fears about how companies that depend on online marketing & advertising will fare in a recession. In addition, Shutterstock’s CEO announced an abrupt and unexpected departure just days after the earnings call, causing more concern about the near-term direction of the company. Rapid7 focuses on vulnerability management, incident detection and response, and cloud security. The stock had been weak due to valuation compression across the broader software space and a lackluster financial report in the first quarter of 2022, with results that were only in line with expectations, and Rapid7 didn’t raise its guidance on several key metrics.

Outlook

Excess volatility in our benchmarks was at highly elevated levels throughout the period, reflecting a market environment with low conviction among investors. Stock markets fluctuated from an oversold state to an overbought one, and vice versa during the course of the period. Below

1  |

the surface, new leadership groups gained momentum, while old leadership groups continued to gasp for air. Specifically, energy and certain areas within healthcare and industrials continued to garner support, while technology continued to struggle. While we certainly expect more “throwback” rallies in old leadership, we would expect this new leadership to maintain its relative performance edge.

We are also witnessing the early stages of small/mid cap stock outperformance relative to the broader market. While this seems counterintuitive given the economic struggles we are facing, this cohort of stocks seems to have much more harshly discounted the recession up to this point.

Investors are slowly coming to grips with investing in a rising rate environment, with no near-term safety net provided by the Fed. This will become even more challenging as companies report their third quarter earnings and provide an outlook for the remainder of the year and, hopefully, beyond. We clearly expect to see a broad downward revision in estimates across most sectors and industries and will quickly find out how much these lower prospective earnings have been discounted by the market. More durable growth businesses should weather the storm far better than their weaker peers, as will those business models with the most attractive return profiles.

We believe quality and (especially) growth become scarce and attractive attributes at this point in an economic cycle, and we expect will benefit our process going forward.

Top Ten Holdings as of September 30, 2022

	Security name	% of Net Assets
1	Casella Waste Systems, Inc., Class A		2.07	%
2	Axonics, Inc.		2.06
3	Option Care Health, Inc.		2.02
4	Advanced Drainage Systems, Inc.		1.98
5	Evolent Health, Inc., Class A		1.98
6	WillScot Mobile Mini Holdings Corp.		1.96
7	WNS Holdings Ltd., ADR		1.93
8	Halozyme Therapeutics, Inc.		1.63
9	Pure Storage, Inc., Class A		1.61
10	KBR, Inc.		1.60

The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced. The holdings listed exclude any temporary cash investments, are presented on an individual security basis and do not represent holdings of the issuer.

Hypothetical Growth of $100,000 Investment in Institutional Class Shares

September 30, 2012 through September 30, 2022²

See notes to charts on page 3.

|  2

LOOMIS SAYLES SMALL CAP GROWTH FUND

Average Annual Total Returns — September 30, 2022²

										Life of			Expense Ratios3
	1 Year			5 Years			10 Years			Class N			Gross			Net
Institutional Class		-24.77	%		6.96	%		10.31	%		—	%		0.92	%		0.92	%
Retail Class		-24.94			6.70			10.03			—			1.17			1.17
Class N (Inception 2/1/13)		-24.69			7.08			—			10.20			0.82			0.82
Comparative Performance
Russell 2000® Growth Index1		-29.27			3.60			8.81			6.21

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit loomissayles.com. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

¹  Russell 2000^® Growth Index is an unmanaged index that measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000^® companies with higher price-to-book ratios and higher forecasted growth values.

²  Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

³  Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 5 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

3  |

LOOMIS SAYLES SMALL CAP VALUE FUND

Managers	Symbols
Joseph R. Gatz, CFA®	Institutional Class	LSSCX
Jeffrey Schwartz, CFA®	Retail Class	LSCRX
	Admin Class	LSVAX
	Class N	LSCNX

Investment Objective

The Fund’s investment objective is long-term capital growth from investments in common stocks or other equity securities.

Market Conditions

The period began on a positive note, with equity markets advancing in an environment of continued improvement in the global economy, robust corporate earnings in excess of expectations and an accommodative monetary policy. Many of these positive attributes began to fade in early 2022 as inflationary pressures mounted and investors began to focus their attention on a sharp increase in rates by the Federal Reserve. Adding to the concerns was the invasion of Ukraine, which created the potential to accelerate inflation, further disrupt supply chains and set the stage for tightening financial conditions on a global basis. Throughout the remainder of the fiscal year, persistent concerns regarding the pace of monetary tightening created a negative market environment centered on higher interest rates, a slowing economy and lower corporate earnings growth.

The net effect of these shifting conditions was a small cap market led by higher quality securities. For most of the fiscal year, smaller, more speculative companies with either minimal or no profits significantly lagged the market index. From a sector perspective, the rising price of oil resulted in the energy sector leading the market by a wide margin (up almost 25%) and was only one of two sectors in the broad based Russell 2000^® Index to post a positive return. More defensive sectors such as utilities outperformed as well. Lagging sectors were those exposed to the consumer, as strong Covid-19 driven spending patterns weakened significantly. Healthcare, and more specifically biotech, were negatively impacted by investors’ avoidance of speculative companies and those without earnings, or even without sales.

Investors experienced a high level of market volatility during the period as they incorporated many evolving scenarios into their valuation models and outlooks. This has resulted in a downward equity market, with large cap stocks outperforming small cap and value stocks handily outperforming growth. In terms of returns, the Russell 1000^® Index declined -17.2% while the broad based Russell 2000^® Index declined -23.5%. Small cap value stocks, as measured by the Russell 2000^® Value Index fell -17.7% while the Russell 2000^® Growth Index returned -29.3%.

Performance Results

For the 12 months ended September 30, 2022, Institutional Class shares of the Loomis Sayles Small Cap Value Fund returned -16.18% at net asset value. The Fund outperformed its benchmark, the Russell 2000^® Value Index, which returned -17.69%.

Explanation of Fund Performance

Strong security selection across a number of sectors drove positive relative return overall. Additionally, the Fund was positioned with a higher allocation to holdings with larger market capitalizations and higher quality than the index, both of which were positive factors in the prevailing market environment. The Fund maintained an underweight position to healthcare and real estate, which were two of the lower performing sectors of the small cap value market.

Stock selection was very favorable in the healthcare, information technology and communication services sectors. Among individual stocks, Lantheus Holdings Inc., Tower Semiconductor Ltd, and Houghton Mifflin Harcourt Company had the largest positive contributions to performance for the period.

Lantheus is a global leader in the development, manufacture and commercialization of diagnostic medical imaging agents and products for the diagnosis and treatment of cardiovascular and other diseases. The Fund acquired its position in July 2020 after a period of significant stock price weakness, primarily due to investor angst over initial dilution from an acquisition, masking the strong and steady profitability of the core imaging agent business. In May 2021, the company gained FDA approval for PYLARIFY, one of the previously acquired products and a first-of-its-kind imaging agent used to identify suspected metastasis or recurrence of prostate cancer. One year after approval, initial sales of PYLARIFY were well ahead of prior estimates, and the company has raised its estimates on the size of its addressable market on multiple occasions.

Tower Semiconductor is an independent foundry providing semiconductor manufacturing and related design services. The company is an integral part of the technology ecosystem and supply chain and is unique in having factories located in the United States, Europe and Japan. The semiconductor shortage has highlighted the strategic importance of Tower Semi and domestic manufacturing. During the first quarter of 2022, Intel Technologies validated our thesis by agreeing to acquire Tower Semiconductor at a generous premium. The Fund maintains a position in the stock, with the deal anticipated to close in the first quarter of 2023.

|  4

LOOMIS SAYLES SMALL CAP VALUE FUND

Houghton Mifflin is a leading education technology and book company in the K-12 market. Our thesis of a strong rebound in the company’s sales and margins coming out of Covid-19 played out through 2021, which resulted in share price appreciation. Then in early 2022, the company agreed to be taken private at a 16% premium. The Fund received cash in exchange for its shares in April 2022.

The Fund’s sector allocation detracted from return versus the index due mainly to its underweight to energy for most of the year and an overweight to the lagging information technology sector. Although the Fund significantly increased its weight to energy over the past few quarters based on strong industry fundamentals and more shareholder friendly capital allocation decisions by company management, the underweight in early 2022 had a meaningful negative impact to relative return versus the index. Weak stock selection within the consumer staples sector detracted from relative performance, while selection in the utilities sector more modestly trailed the index. Among individual stocks during the period, InMode Ltd., Herc Holdings, Inc. and Triumph Bancorp, Inc. detracted the most from performance.

InMode produces minimally-invasive medical aesthetic surgery instruments for fat reduction, skin tightening and tissue remodeling applications. The price decline during the period was unrelated to any company-specific fundamental news as the company continues to experience increasing demand from physicians, launched new products and delivered orders without delay. InMode stock reflected a retracement in valuation from previously elevated prices. The shares posted a 197% gain in calendar 2021, and we reduced the position size on price strength towards the end of 2021. Despite any changes in demand or fundamentals, as with other stocks with higher beta, the stock fell nearly 59% in the first nine months of 2022, negatively impacting the trailing 12-month return.

Herc Holdings is one of the leading equipment rental suppliers in North America, specializing in industrial products such as aerial platforms, earth moving equipment, and tele-handlers. The stock was one of our top performers during late 2020 and throughout calendar 2021 as the company deftly managed through Covid-19 related volatility and the subsequent economic recovery. In 2022, the stock has retraced some of its gains as investors have grown concerned about the economic outlook and the Federal Reserve’s actions to lower demand and fight inflation. Despite limited evidence of a material slowdown in the business and despite management’s proven skill in managing through the Covid-19 demand shock in early 2020, the stock has traded down to levels that imply a significant negative estimate revision lies ahead. We are maintaining our position in light of the company’s favorable intermediate and long term outlook and the stock’s attractive valuation.

Triumph Bancorp is a niche bank with a unique focus on transportation and freight payment factoring. As the company gradually transformed from a more traditional bank into a digital freight payments business, the stock was a top performer for the Fund in calendar 2021. This transition created significant future potential earnings as Triumph builds its freight payments network, but it also necessitated greater expenditures on programming talent to handle large freight broker onboarding, which negatively impacted earnings. Finally, the company is taking a “go slow” approach on pricing the network in order to foster early adoption. Ultimately Triumph expects its electronic process for paying freight invoices, to substantially lower transaction cost for brokers, shippers and factors.

Outlook

We remain committed to identifying inefficiencies in the small cap market that result in stock prices and valuations that do not accurately reflect our assessment of the underlying value of corporate enterprises. This approach is applied consistently over time, regardless of the current market environment.

While many forms of inefficiency may exist, we focus on companies that are misunderstood, underfollowed or in the midst of a “special situation” where we believe we can use our strengths consistent with our time horizon, resource deployment or a willingness to solve complex situations. We require fundamentally sound business models, capable management teams and financial stability. Key to our process is identifying distinct, company-specific catalysts on the horizon to sustain, enhance or highlight the fundamental outlook.

Our goal is to achieve an attractive total return for our investors, while managing to an appropriate level of risk over a market cycle.

5  |

Top Ten Holdings as of September 30, 2022

Security name		% of Net Assets
1	Herc Holdings, Inc.		1.86	%
2	Wintrust Financial Corp.		1.56
3	ChampionX Corp.		1.52
4	Rambus, Inc.		1.50
5	Popular, Inc.		1.49
6	Northern Oil & Gas, Inc.		1.47
7	Lantheus Holdings, Inc.		1.45
8	Antero Resources Corp.		1.45
9	AECOM		1.35
10	Kadant, Inc.		1.33

The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced. The holdings listed exclude any temporary cash investments, are presented on an individual security basis and do not represent holdings of the issuer.

Hypothetical Growth of $100,000 Investment in Institutional Class Shares

September 30, 2012 through September 30, 2022³

See notes to charts on page 7.

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LOOMIS SAYLES SMALL CAP VALUE FUND

Average Annual Total Returns — September 30, 2022³

										Life of			Expense Ratios4
	1 Year			5 Years			10 Years			Class N			Gross			Net
Institutional Class		-16.18	%		2.31	%		8.13	%		—	%		0.94	%		0.90	%
Retail Class		-16.40			2.05			7.85			—			1.19			1.15
Admin Class		-16.63			1.79			7.59			—			1.43			1.40
Class N (Inception 2/1/13)		-16.16			2.36			—			7.30			0.85			0.85
Comparative Performance
Russell 2000® Value Index1		-17.69			2.87			7.94			7.10
Russell 2000® Index2		-23.50			3.55			8.55			7.84

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit loomissayles.com. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

¹  Russell 2000^® Value Index is an unmanaged index that measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000^® companies with lower price-to-book ratios and lower forecasted growth values.

²  Russell 2000^® Index is an unmanaged index that measures the performance of the small-cap segment of the U.S. equity universe.

³  Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

⁴  Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 5 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

7  |

LOOMIS SAYLES SMALL/MID CAP GROWTH FUND

Managers	Symbols
Mark F. Burns, CFA®	Institutional Class	LSMIX
John J. Slavik, CFA®	Class N	LSMNX

Investment Objective

The Fund’s investment objective is long-term capital growth from investments in common stocks or other equity securities.

Market Conditions

The bear market that started in 2021 continued through the end of the period, as the first nine months of 2022 marked the fourth worst start to a year for small and mid cap stocks going back to 1926. The third quarter of 2022 was the third consecutive quarterly decline for US equities, as every domestic size and style box was down.

The Russell 2500^™ Growth Index had its second-worst start to the year since 2002, falling nearly 30% year-to-date and 39% from its peak. During the first nine months of 2022, market volatility in both directions has been quite significant. Historically, some of the biggest rallies have occurred during bear markets, and this period was certainly no exception. The most recent quarter started with optimism that the Federal Reserve (Fed) might pivot away from its monetary policy tightening but ended with the reality that inflation is going to be harder to tame than most originally thought. Recession risks are also rising, and a recession may have already started in the second half of 2022, with business confidence, housing and manufacturing orders all in recession territory.

While we do expect earnings estimates to continue to move down, we believe the market has discounted a lot of this bad news to date. Although overall sentiment remains bearish and further volatility near-term is likely, we believe there are bullish indicators that may be starting to emerge — particularly for small cap equities (relative to large caps) as we look ahead longer-term.

Performance Results

For the 12 months ended September 30, 2022, Institutional Class shares of the Loomis Sayles Small/Mid Cap Growth Fund returned -25.43% at net asset value. The Fund outperformed its benchmark, the Russell 2500^™ Growth Index, which returned -29.39%.

Explanation of Fund Performance

Among the top contributors to positive relative performance was stock selection in the healthcare, consumer discretionary, and consumer staples sectors. Conversely, relative positioning in energy and stock selection in the information technology and energy sectors detracted from relative performance.

The Fund’s top contributions to relative performance at the individual stock level were biotech company PTC Therapeutics Inc., behavioral health company Acadia Healthcare Co., and member-based warehouse club retailer BJ’s Wholesale Club Holdings Inc. PTC Therapeutics focuses on treating rare diseases. The company benefitted from positive results in a confirmatory European clinical trial for its Duchenne muscular dystrophy treatment. The result firmed up the company’s long-term revenue outlook and raised the possibility of bringing this product to the US market. Acadia Healthcare has a strong portfolio of inpatient facilities as well as outpatient addiction centers. Its earnings momentum continued to be strong despite concerns about labor costs, and its pipeline of new facilities and partnerships has also remained healthy, providing visibility into strong earnings in the coming years. BJ’s Wholesale Club operates membership warehouse clubs in the US, with an emphasis on selling groceries at prices roughly 25% lower than conventional grocers. The broad inflationary environment has driven consumers to seek value, and this trading-down effect led to robust membership gains and sales growth.

Conversely, the largest detractors of relative performance among individual stocks were semiconductor provider Semtech Corporation, consumer products producer Helen of Troy Ltd., and digital on-demand printer manufacturer Kornit Digital Ltd. Semtech provides semiconductors to various consumer, industrial, and communications end markets. Our original thesis was centered on the core business stabilizing at solid growth levels, while new products related to the Internet of Things accelerated growth. Unfortunately, the stock was caught up in the semiconductor downdraft given its exposure to the consumer-related areas of computing and smartphones. Additionally, Semtech’s proposed acquisition of Sierra Wireless was not ideally timed and involves integrating a lower gross margin business. Helen of Troy focuses on personal care and household products. Its retail customers got caught with too much inventory, as demand slowed leading to greater price promotions and lower earnings. Kornit Digital serves the growing e-commerce sector. The stock saw a sharp sell-off due to a rotation away from high-growth, high-valuation stocks during the period. Also, investors feared that Kornit’s massive growth during the Covid-19 pandemic period likely pulled forward demand, thus potentially slowing future growth.

Outlook

Excess volatility in our benchmarks was at highly elevated levels throughout the period, reflecting a market environment with low conviction among investors. Stock markets fluctuated from an oversold state to an overbought one, and vice versa during the course of the period. Below the surface, new leadership groups gained momentum, while old leadership groups continued to gasp for air. Specifically, energy and certain

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LOOMIS SAYLES SMALL/MID CAP GROWTH FUND

areas within healthcare and industrials continued to garner support, while technology continued to struggle. While we certainly expect more “throwback” rallies in old leadership, we would expect this new leadership to maintain its relative performance edge.

We are also witnessing the early stages of small/mid cap stock outperformance relative to the broader market. While this seems counterintuitive given the economic struggles we are facing, this cohort of stocks seems to have much more harshly discounted the recession up to this point.

Investors are slowly coming to grips with investing in a rising rate environment, with no near term safety net provided by the Fed. This will become even more challenging as companies report their third-quarter earnings and provide an outlook for the remainder of the year and, hopefully, beyond. We clearly expect to see a broad downward revision in estimates across most sectors and industries and will quickly find out how much these lower prospective earnings have been discounted by the market. More durable growth businesses should weather the storm far better than their weaker peers, as will those business models with the most attractive return profiles.

We believe quality and (especially) growth become scarce and attractive attributes at this point in an economic cycle, and should benefit our process going forward.

Top Ten Holdings as of September 30, 2022

Security name		% of Net Assets
1	Acadia Healthcare Co., Inc.		2.53	%
2	BJ’s Wholesale Club Holdings, Inc.		2.45
3	HEICO Corp.		2.19
4	Pure Storage, Inc., Class A		2.15
5	Paylocity Holding Corp.		2.09
6	Advanced Drainage Systems, Inc.		1.89
7	Axonics, Inc.		1.79
8	WillScot Mobile Mini Holdings Corp.		1.77
9	FTI Consulting, Inc.		1.76
10	Texas Roadhouse, Inc.		1.71

The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced. The holdings listed exclude any temporary cash investments, are presented on an individual security basis and do not represent holdings of the issuer.

Hypothetical Growth of $100,000 Investment in Institutional Class Shares²

June 30, 2015 (inception) through September 30, 2022

9  |

Average Annual Total Returns — September 30, 2022²

							Life of			Life of			Expense Ratios3
	1 Year			5 Years			Class I			Class N			Gross			Net
Institutional Class (Inception 6/30/15)		-25.43	%		7.27	%		8.04	%		—	%		0.99	%		0.85	%
Class N (Inception 10/1/19)		-25.41			—			—			5.81			1.00			0.83
Comparative Performance
Russell 2500TM Growth Index1		-29.39			6.30			6.75			5.31

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit loomissayles.com. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

¹  Russell 2500^™ Growth Index measures the performance of the small-to-mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500^TM Index companies with higher price-to-book ratios and higher forecasted growth values. The Index is constructed to provide a comprehensive and unbiased barometer of the small-to-mid-cap growth market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-to-mid-cap opportunity set and that the represented companies continue to reflect growth characteristics. Indices are unmanaged.

²  Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

³  Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 1/31/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 5 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

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ADDITIONAL INFORMATION

The views expressed in this report reflect those of the portfolio managers as of the dates indicated. The managers’ views are subject to change at any time without notice based on changes in market or other conditions. References to specific securities or industries should not be regarded as investment advice. Because the Funds are actively managed, there is no assurance that they will continue to invest in the securities or industries mentioned.

All investing involves risk, including the risk of loss. There is no assurance that any investment will meet its performance objectives or that losses will be avoided.

Additional Index Information

This document may contain references to third party copyrights, indexes, and trademarks, each of which is the property of its respective owner. Such owner is not affiliated with Natixis Investment Managers or any of its related or affiliated companies (collectively “Natixis Affiliates”) and does not sponsor, endorse or participate in the provision of any Natixis Affiliates services, funds or other financial products.

The index information contained herein is derived from third parties and is provided on an “as is” basis. The user of this information assumes the entire risk of use of this information. Each of the third party entities involved in compiling, computing or creating index information disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to such information.

Proxy Voting Information

A description of the Funds’ proxy voting policies and procedures is available without charge upon request, by calling Loomis Sayles at 800-633-3330; on the Funds’ website, at www.loomissayles.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov. Information about how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available through the Funds’ website and the SEC’s website.

Quarterly Portfolio Schedules

The Loomis Sayles Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at www.sec.gov. First and third quarter schedules of portfolio holdings are also available at loomissayles.com. A hard copy may be requested from the Fund at no charge by calling 800-633-3330.

CFA^® and Chartered Financial Analyst^® are registered trademarks owned by the CFA Institute.

UNDERSTANDING YOUR FUND’S EXPENSES

As a mutual fund shareholder you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, distribution and/or service fees (12b-1 fees), and other fund expenses. Certain exemptions may apply. These costs are described in more detail in the Funds’ prospectus. The following examples are intended to help you understand the ongoing costs of investing in the Funds and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table of each Fund shows the actual amount of Fund expenses you would have paid on a $1,000 investment in the Fund from April 1, 2022 through September 30, 2022. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.6) and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

The second line in the table of each Fund provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid on your investment for the period. You may use this information to compare the ongoing costs of investing in the Funds to other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown reflect ongoing costs only, and do not include any transaction costs. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. If transaction costs were included, total costs would be higher.

11  |

Loomis Sayles Small Cap Growth Fund

Institutional Class	Beginning Account Value 4/1/2022		Ending Account Value 9/30/2022		Expenses Paid During Period* 4/1/2022 – 9/30/2022
Actual		$1,000.00		$823.60		$4.25
Hypothetical (5% return before expenses)		$1,000.00		$1,020.41		$4.71
Retail Class
Actual		$1,000.00		$822.60		$5.39
Hypothetical (5% return before expenses)		$1,000.00		$1,019.15		$5.97
Class N
Actual		$1,000.00		$823.80		$3.75
Hypothetical (5% return before expenses)		$1,000.00		$1,020.96		$4.15
* Expenses are equal to the Fund’s annualized expense ratio: 0.93%, 1.18% and 0.82% for Institutional Class, Retail Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period).

Loomis Sayles Small Cap Value Fund

Institutional Class	Beginning Account Value 4/1/2022		Ending Account Value 9/30/2022		Expenses Paid During Period* 4/1/2022 – 9/30/2022
Actual		$1,000.00		$843.10		$4.16
Hypothetical (5% return before expenses)		$1,000.00		$1,020.56		$4.56
Retail Class
Actual		$1,000.00		$842.00		$5.31
Hypothetical (5% return before expenses)		$1,000.00		$1,019.30		$5.82
Admin Class
Actual		$1,000.00		$841.00		$6.46
Hypothetical (5% return before expenses)		$1,000.00		$1,018.05		$7.08
Class N
Actual		$1,000.00		$843.20		$3.88
Hypothetical (5% return before expenses)		$1,000.00		$1,020.86		$4.26
* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.90%, 1.15%, 1.40% and 0.84% for Institutional Class, Retail Class, Admin Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period).

Loomis Sayles Small/Mid Cap Growth Fund

Institutional Class	Beginning Account Value 4/1/2022		Ending Account Value 9/30/2022		Expenses Paid During Period* 4/1/2022 – 9/30/2022
Actual		$1,000.00		$811.00		$3.77
Hypothetical (5% return before expenses)		$1,000.00		$1,020.91		$4.20
Class N
Actual		$1,000.00		$811.10		$3.77
Hypothetical (5% return before expenses)		$1,000.00		$1,020.91		$4.20
* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) 0.83% and 0.83% for Institutional Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period).

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BOARD APPROVAL OF THE EXISTING ADVISORY AGREEMENTS

The Board of Trustees of the Trusts (the “Board”), including the Independent Trustees, considers matters bearing on each Fund’s advisory agreement (collectively, the “Agreements”) at most of its meetings throughout the year. Each year, usually in the spring, the Contract Review Committee of the Board meets to review the Agreements to determine whether to recommend that the full Board approve the continuation of the Agreements, typically for an additional one-year period. This meeting typically includes all the Independent Trustees, including the Trustees who do not serve on the Contract Review Committee. After the Contract Review Committee has made its recommendation, the full Board, including the Independent Trustees, determines whether to approve the continuation of the Agreements at its June Board Meeting.

In connection with these meetings, the Trustees receive materials that the Funds’ investment adviser (the “Adviser”) believes to be reasonably necessary for the Trustees to evaluate the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Funds and the performance of peer groups of funds and the Funds’ performance benchmarks, (ii) information on the Funds’ advisory fees and other expenses, including information comparing the Funds’ advisory fees to the fees charged to institutional accounts with similar strategies managed by the Adviser, if any, and to those of peer groups of funds and information about any applicable expense limitations and/or fee “breakpoints,” (iii) sales and redemption data in respect of the Funds, (iv) information about the profitability of the Agreements to the Adviser, including how profitability is determined for the Funds, and (v) information obtained through the completion by the Adviser of a questionnaire distributed on behalf of the Trustees. The Board, including the Independent Trustees, also considers other matters such as (i) each Fund’s investment objective and strategies and the size, education and experience of the Adviser’s investment staff and its use of technology, external research and trading cost measurement tools, (ii) arrangements in respect of the distribution of the Funds’ shares and the related costs, (iii) the allocation of the Funds’ brokerage, if any, including, to the extent applicable, allocations to brokers affiliated with the Adviser and the use of “soft” commission dollars to pay for research and other similar services, (iv) each Adviser’s policies and procedures relating to, among other things, compliance, trading and best execution, proxy voting, liquidity and valuation, (v) information about amounts invested by the Funds’ portfolio managers in the Funds or in similar accounts that they manage and (vi) the general economic outlook with particular emphasis on the mutual fund industry. Throughout the process, the Trustees are afforded the opportunity to ask questions of and request additional materials from the Adviser.

In addition to the materials requested by the Trustees in connection with their annual consideration of the continuation of the Agreements, the Trustees receive materials in advance of each regular quarterly meeting of the Board that provide detailed information about the Funds’ investment performance and the fees charged to the Funds for advisory and other services. This information generally includes, where available, among other things, an internal performance rating for each Fund based on agreed-upon criteria, graphs showing each Fund’s performance and expense differentials against each Fund’s peer group/category of funds, total return information for various periods, third-party performance rankings for various periods comparing a Fund against similarly categorized funds, and performance ratings provided by a different third-party rating organization. The portfolio management team for each Fund or other representatives of the Adviser make periodic presentations to the Contract Review Committee and/or the full Board, and Funds identified as presenting possible performance concerns may be subject to more frequent Board or Committee presentations and reviews. In addition, the Trustees are periodically provided with detailed statistical information about each Fund’s portfolio. The Trustees also receive periodic updates between meetings, both at the Board and at the Committee level.

The Board most recently approved the continuation of the Agreements for a one-year period at its meeting held in June 2022. In considering whether to approve the continuation of the Agreements, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreements included, but were not limited to, the factors listed below.

The nature, extent and quality of the services provided to the Funds under the Agreements. The Trustees considered the nature, extent and quality of the services provided by the Adviser and its affiliates to the Funds and the resources dedicated to the Funds by the Adviser and its affiliates. The Trustees also considered their experience with other funds advised or sub-advised by the Adviser as well as the affiliation between the Adviser and Natixis Investment Managers, LLC, whose affiliates provide investment advisory services to other funds in the Natixis family of funds.

The Trustees considered not only the advisory services provided by the Adviser to the Funds, but also the benefits to the Funds from the monitoring and oversight services provided by Natixis Advisors, LLC (“Natixis Advisors”). They also considered the administrative and shareholder services provided by Natixis Advisors and its affiliates to the Funds. They also took into consideration increases in the services provided resulting from new regulatory requirements, such as new rules relating to the fair valuation of investments and the use of derivatives.

For each Fund, the Trustees also considered the benefits to shareholders of investing in a mutual fund that is part of a family of funds that offers shareholders the right to exchange shares of one type of fund for shares of another type of fund, and provides a variety of fund and shareholder services.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the nature, extent and quality of services provided supported the renewal of the Agreements.

13  |

Investment performance of the Funds and the Adviser. As noted above, the Trustees received information about the performance of the Funds over various time periods, including information that compared the performance of the Funds to the performance of peer groups and categories of funds and the Funds’ respective performance benchmarks. The Trustees also received information about how comparative peer groups are constructed. In addition, the Trustees reviewed data prepared by an independent third party that analyzed the performance of the Funds using a variety of performance metrics, including metrics that measured the performance of the Funds on a risk adjusted basis.

The Board noted that, through December 31, 2021, each Fund’s one-, three- and five-year performance, stated as percentile rankings within categories selected by the independent third-party data provider was as follows (where the best performance would be in the first percentile of its category):

	One-Year		Three-Year		Five-Year
Loomis Sayles Small Cap Growth Fund		54%		67%		45%
Loomis Sayles Small Cap Value Fund		22%		76%		90%
Loomis Sayles Small/Mid Cap Growth Fund		26%		54%		40%

In the case of each Fund that had performance that lagged that of a relevant category median as determined by the independent third party for certain (although not necessarily all) periods, the Board concluded that other factors relevant to performance supported renewal of the Agreements. These factors included one or more of the following: (1) that the underperformance was attributable, to a significant extent, to investment decisions (such as security selection or sector allocation) by the Adviser that were reasonable and consistent with the Fund’s investment objective and policies; (2) that the Fund had outperformed its relevant performance benchmark for the one-year period ended December 31, 2021; and (3) that the Adviser’s investment strategy is expected to result in cyclical underperformance from time to time, but that this style of investing is showing improved performance generally, which is expected to help the Fund’s performance. The Board also considered information about the Funds’ more recent performance, including how that performance had been impacted by the Covid-19 crisis.

The Trustees also considered the Adviser’s performance and reputation generally, the performance of the fund family generally, and the historical responsiveness of the Adviser to Trustee concerns about performance and the willingness of the Adviser to take steps intended to improve performance.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the performance of the Funds and the Adviser and/or other relevant factors supported the renewal of the Agreements.

The costs of the services to be provided and profits to be realized by the Adviser and its affiliates from their respective relationships with the Funds. The Trustees considered the fees charged to the Funds for advisory and administrative services as well as the total expense levels of the Funds. This information included comparisons (provided both by management and by an independent third party) of the Funds’ advisory fees and total expense levels to those of their peer groups and information about the advisory fees charged by the Adviser to comparable accounts (such as institutional separate accounts), as well as information about differences in such fees and the reasons for any such differences. In considering the fees charged to comparable accounts, the Trustees considered, among other things, management’s representations about the differences between managing mutual funds as compared to other types of accounts, including the additional resources required to effectively manage mutual fund assets, the greater regulatory costs associated with the management of such assets, and the entrepreneurial, regulatory and other risks associated with sponsoring and managing mutual funds. In evaluating each Fund’s advisory fee, the Trustees also took into account the demands, complexity and quality of the investment management of such Fund and the need for the Adviser to offer competitive compensation and the potential need to expend additional resources to the extent the Fund grows in size. The Trustees considered that over the past several years, management had demonstrated its intention to have competitive fee levels by making recommendations regarding reductions in advisory fee rates, implementation of advisory fee breakpoints and the institution of advisory fee waivers and expense limitations for various funds in the fund family. They noted that all of the Funds have expense limitations in place, and they considered the amounts waived or reimbursed by the Adviser for certain Funds under their respective expense limitation agreements. The Trustees also considered that Loomis Sayles Small Cap Growth Fund’s current expenses are below its expense limitation. The Trustees noted that the Funds had total advisory fee rates that were at or below the medians of their respective peer groups of funds.

The Trustees also considered the compensation directly or indirectly received by the Adviser and its affiliates from their relationships with the Funds. The Trustees reviewed information provided by management as to the profitability of the Adviser’s and its affiliates’ relationships with the Funds, and information about how expenses are determined and allocated for purposes of profitability calculations. They also reviewed information provided by management about the effect of distribution costs and changes in asset levels on Adviser profitability, including information regarding resources spent on distribution activities. When reviewing profitability, the Trustees also considered information about court cases in which adviser compensation or profitability were issues, the performance of the Funds, the expense levels of the Funds, whether the Adviser had implemented breakpoints and/or expense limitations with respect to such Funds and the overall profit margin of Natixis Investment Managers, LLC compared to that of certain other investment managers for which such data was available.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the advisory fee charged to each of the Funds was fair and reasonable, and that the costs of these services generally and the related profitability of the Adviser and its affiliates in respect of their relationships with the Funds supported the renewal of the Agreements.

Economies of Scale. The Trustees considered the existence of any economies of scale in the provision of services by the Adviser and whether those economies are shared with the Funds through breakpoints in their investment advisory fees or other means, such as expense limitations.

|  14

The Trustees also considered management’s explanation of the factors that are taken into account with respect to the implementation of breakpoints in investment advisory fees or expense limitations. With respect to economies of scale, the Trustees noted that although none of the Funds’ management fees were subject to breakpoints, each of the Funds was subject to an expense limitation. In considering these issues, the Trustees also took note of the costs of the services provided (both on an absolute and on a relative basis) and the profitability to the Adviser and its affiliates of their relationships with the Funds, as discussed above. The Trustees also considered that the Funds have benefitted from the substantial reinvestment the Adviser has made into its business.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the extent to which economies of scale were shared with the Funds supported the renewal of the Agreements.

The Trustees also considered other factors, which included but were not limited to the following:

• The effect of recent market and economic events, including but not limited to the Covid-19 crisis and its significant disruptions to the economy and business operations, as well as more recent market volatility, on the performance, asset levels and expense ratios of each Fund.

• Whether each Fund has operated in accordance with its investment objective and the Fund’s record of compliance with its investment restrictions, and the compliance programs of the Funds and the Adviser. They also considered the compliance-related resources the Adviser and its affiliates were providing to the Funds.

• So-called “fallout benefits” to the Adviser, such as the engagement of affiliates of the Adviser to provide distribution and administrative services to the Funds, and the benefits of research made available to the Adviser by reason of brokerage commissions (if any) generated by the Funds’ securities transactions. The Trustees also considered the benefits to the parent company of Natixis Advisors from the retention of the Adviser. The Trustees considered the possible conflicts of interest associated with these fallout and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor such possible conflicts of interest.

• The Trustees’ review and discussion of the Funds’ advisory arrangements in prior years, and management’s record of responding to Trustee concerns raised during the year and in prior years.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that each of the existing Agreements should be continued through June 30, 2023.

15  |

LIQUIDITY RISK MANAGEMENT PROGRAM

Annual Report for the Period Commencing on January 1, 2021 and ending December 31, 2021 (including updates through September 30, 2022)

Effective December 1, 2018, the Funds adopted a liquidity risk management program (the “Program”) pursuant to the requirements of Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Rule”). The Rule requires registered open-end funds, including mutual funds and exchange-traded funds, to establish liquidity risk management programs in order to effectively manage fund liquidity and mitigate the risk that a fund could not meet redemption requests without significantly diluting the interests of remaining investors.

The rule requires the Funds to assess, manage and review their liquidity risk considering applicable factors during normal and foreseeable stressed conditions. In fulfilling this requirement, each Fund assesses and reviews (where applicable and amongst other matters) its investment strategy, portfolio holdings, possible investment concentrations, use of derivatives, short-term and long-term cash flow projections, use of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Each Program has established a Program Administrator, which is the adviser of the Funds.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

Each Fund is prohibited from acquiring an investment if, after the acquisition, its holdings of illiquid assets will exceed 15% of its net assets. If a Fund does not hold a majority of highly liquid investments in its portfolio, then the Fund is required to establish a highly liquid investment minimum (“HLIM”). None of the Funds has established an HLIM.

During the period from January 1, 2021 to December 31, 2021, there were no material changes to the Program and no material events that impacted the operation of the Funds’ Programs. During the period, the Funds held sufficient liquid assets to meet redemptions on a timely basis and did not have any illiquid security violations.

During the period January 1, 2022 through September 30, 2022, the Funds held sufficient liquid assets to meet redemptions on a timely basis and did not have any illiquid security violations.

Annual Program Assessment and Conclusion

In the opinion of the Program Administrators, the Program of each Fund approved by the Funds’ Board is operating effectively. The Program Administrators have also monitored, assessed and managed each Fund’s liquidity risk regularly throughout the period.

Pursuant to the Rule’s requirements, the Board has received and reviewed a written report prepared by each Fund’s Program Administrator that addressed the operation of the Programs, assessed their adequacy and effectiveness and described any material changes made to the Programs.

|  16

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Small Cap Growth Fund

Shares		Description	Value (†)
	Common Stocks – 97.7% of Net Assets
		Aerospace & Defense – 0.7%
	273,827	Hexcel Corp.	$	14,162,332
		Air Freight & Logistics – 0.6%
	170,410	HUB Group, Inc., Class A(a)		11,754,882
		Auto Components – 2.6%
	275,945	Dorman Products, Inc.(a)		22,660,604
	332,277	Gentherm, Inc.(a)		16,524,135
	286,769	Patrick Industries, Inc.		12,571,953
				51,756,692
		Banks – 3.1%
	432,101	Ameris Bancorp		19,319,236
	889,778	Bancorp, Inc. (The)(a)		19,557,320
	319,327	Lakeland Financial Corp.		23,250,199
				62,126,755
		Beverages – 0.8%
	1,272,993	Primo Water Corp.		15,976,062
		Biotechnology – 6.4%
	186,913	Blueprint Medicines Corp.(a)		12,315,698
	813,265	Halozyme Therapeutics, Inc.(a)		32,156,498
	587,825	Inhibrx, Inc.(a)		10,551,459
	720,780	Insmed, Inc.(a)		15,525,601
	544,120	PTC Therapeutics, Inc.(a)		27,314,824
	577,379	Vericel Corp.(a)		13,395,193
	618,043	Xencor, Inc.(a)		16,056,757
				127,316,030
		Building Products – 2.5%
	315,347	Advanced Drainage Systems, Inc.		39,219,706
	140,067	UFP Industries, Inc.		10,107,235
				49,326,941
		Capital Markets – 3.3%
	497,284	Focus Financial Partners, Inc., Class A(a)		15,669,419
	365,193	Hamilton Lane, Inc., Class A		21,769,155
	418,319	PJT Partners, Inc., Class A		27,952,075
				65,390,649
		Commercial Services & Supplies – 3.1%
	536,997	Casella Waste Systems, Inc., Class A(a)		41,021,201
	706,776	Driven Brands Holdings, Inc.(a)		19,775,592
				60,796,793
		Communications Equipment – 1.5%
	478,937	Calix, Inc.(a)		29,282,208
		Construction & Engineering – 2.4%
	136,559	Arcosa, Inc.		7,808,444
	963,055	WillScot Mobile Mini Holdings Corp.(a)		38,840,008
				46,648,452
		Electronic Equipment, Instruments & Components – 2.5%
	230,511	Advanced Energy Industries, Inc.		17,843,857
	203,955	Itron, Inc.(a)		8,588,545
	204,611	Novanta, Inc.(a)		23,663,262
				50,095,664
		Energy Equipment & Services – 3.2%
	667,577	Cactus, Inc., Class A	$	25,654,984
	571,955	Noble Corp. PLC(a)		16,918,429
	643,728	Weatherford International PLC(a)		20,785,977
				63,359,390
		Food Products – 2.7%
	500,029	Hostess Brands, Inc.(a)		11,620,674
	807,654	Simply Good Foods Co. (The)(a)		25,836,851
	1,084,399	Sovos Brands, Inc.(a)		15,441,842
				52,899,367
		Health Care Equipment & Supplies – 9.8%
	521,673	AtriCure, Inc.(a)		20,397,414
	578,546	Axonics, Inc.(a)		40,752,780
	233,102	CONMED Corp.		18,687,787
	288,067	Cutera, Inc.(a)		13,135,855
	167,056	Inspire Medical Systems, Inc.(a)		29,630,723
	208,552	LivaNova PLC(a)		10,588,185
	481,419	Merit Medical Systems, Inc.(a)		27,204,988
	463,218	NuVasive, Inc.(a)		20,293,581
	195,546	STAAR Surgical Co.(a)		13,795,770
				194,487,083
		Health Care Providers & Services – 5.9%
	357,962	Acadia Healthcare Co., Inc.(a)		27,985,469
	881,773	Alignment Healthcare, Inc.(a)		10,440,193
	304,100	Ensign Group, Inc. (The)		24,175,950
	143,790	ModivCare, Inc.(a)		14,332,987
	1,269,108	Option Care Health, Inc.(a)		39,938,829
				116,873,428
		Health Care Technology – 2.0%
	1,090,405	Evolent Health, Inc., Class A(a)		39,178,252
		Hotels, Restaurants & Leisure – 2.2%
	908,124	Life Time Group Holdings, Inc.(a)		8,854,209
	209,144	Papa John’s International, Inc.		14,642,172
	227,166	Texas Roadhouse, Inc.		19,822,505
				43,318,886
		Household Durables – 0.8%
	185,078	Installed Building Products, Inc.		14,989,467
		Insurance – 2.0%
	783,261	BRP Group, Inc., Class A(a)		20,638,927
	77,061	Kinsale Capital Group, Inc.		19,682,921
				40,321,848
		Interactive Media & Services – 1.3%
	617,719	CarGurus, Inc.(a)		8,753,078
	326,381	Shutterstock, Inc.		16,374,535
				25,127,613
		IT Services – 3.6%
	729,407	EVERTEC, Inc.		22,866,910
	543,444	Grid Dynamics Holdings, Inc.(a)		10,178,706
	465,663	WNS Holdings Ltd., ADR(a)		38,109,860
				71,155,476
		Leisure Products – 1.7%
	334,868	Malibu Boats, Inc., Class A(a)		16,070,315
	960,204	Topgolf Callaway Brands Corp.(a)		18,493,529
				34,563,844

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Life Sciences Tools & Services – 1.1%
	137,464	Medpace Holdings, Inc.(a)	$	21,605,217
		Machinery – 3.9%
	345,564	Albany International Corp., Class A		27,240,810
	341,019	Helios Technologies, Inc.		17,255,561
	152,148	RBC Bearings, Inc.(a)		31,617,876
				76,114,247
		Media – 1.2%
	397,460	TechTarget, Inc.(a)		23,529,632
		Oil, Gas & Consumable Fuels – 0.9%
	99,572	Denbury, Inc.(a)		8,589,081
	471,081	Magnolia Oil & Gas Corp., Class A		9,332,114
				17,921,195
		Personal Products – 2.6%
	658,229	BellRing Brands, Inc.(a)		13,566,100
	719,053	elf Beauty, Inc.(a)		27,050,774
	141,803	Inter Parfums, Inc.		10,700,454
				51,317,328
		Pharmaceuticals – 2.4%
	452,281	Pacira BioSciences, Inc.(a)		24,056,826
	688,513	Supernus Pharmaceuticals, Inc.(a)		23,306,165
				47,362,991
		Professional Services – 4.2%
	139,385	FTI Consulting, Inc.(a)		23,097,489
	256,225	Huron Consulting Group, Inc.(a)		16,974,906
	105,367	ICF International, Inc.		11,487,110
	732,555	KBR, Inc.		31,661,027
				83,220,532
		Road & Rail – 0.6%
	584,733	Marten Transport Ltd.		11,203,484
		Semiconductors & Semiconductor Equipment – 5.0%
	522,541	MACOM Technology Solutions Holdings, Inc.(a)		27,062,398
	552,136	MaxLinear, Inc.(a)		18,010,676
	1,145,616	Rambus, Inc.(a)		29,121,559
	194,176	Silicon Laboratories, Inc.(a)		23,969,086
				98,163,719
		Software – 4.2%
	749,144	Box, Inc., Class A(a)		18,271,622
	370,588	Envestnet, Inc.(a)		16,454,107
	335,192	Q2 Holdings, Inc.(a)		10,793,182
	540,881	Tenable Holdings, Inc.(a)		18,822,659
	735,565	Varonis Systems, Inc.(a)		19,507,184
				83,848,754
		Specialty Retail – 0.7%
	220,907	Boot Barn Holdings, Inc.(a)		12,914,223
		Technology Hardware, Storage & Peripherals – 1.6%
	1,164,537	Pure Storage, Inc., Class A(a)		31,873,378
		Textiles, Apparel & Luxury Goods – 1.6%
	223,173	Columbia Sportswear Co.		15,019,543
	191,832	Oxford Industries, Inc.		17,222,677
				32,242,220
		Trading Companies & Distributors – 3.0%
	211,249	Applied Industrial Technologies, Inc.	$	21,712,172
	246,375	McGrath RentCorp		20,661,008
	163,171	SiteOne Landscape Supply, Inc.(a)		16,992,628
				59,365,808
		Total Common Stocks
		(Identified Cost $1,880,194,049)		1,931,590,842
Principal Amount
	Short-Term Investments – 3.0%
$	59,693,865	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2022 at 1.100% to be repurchased at $59,699,337 on 10/03/2022 collateralized by $50,850,500 U.S. Treasury Inflation Indexed Note, 0.375% due 7/15/2025 valued at $60,887,775 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $59,693,865)		59,693,865
		Total Investments – 100.7%
		(Identified Cost $1,939,887,914)		1,991,284,707
		Other assets less liabilities—(0.7)%		(14,190,031	)
		Net Assets – 100.0%	$	1,977,094,676
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Small Cap Growth Fund – continued

Industry Summary at September 30, 2022

Health Care Equipment & Supplies	9.8	%
Biotechnology	6.4
Health Care Providers & Services	5.9
Semiconductors & Semiconductor Equipment	5.0
Software	4.2
Professional Services	4.2
Machinery	3.9
IT Services	3.6
Capital Markets	3.3
Energy Equipment & Services	3.2
Banks	3.1
Commercial Services & Supplies	3.1
Trading Companies & Distributors	3.0
Food Products	2.7
Auto Components	2.6
Personal Products	2.6
Electronic Equipment, Instruments & Components	2.5
Building Products	2.5
Pharmaceuticals	2.4
Construction & Engineering	2.4
Hotels, Restaurants & Leisure	2.2
Insurance	2.0
Health Care Technology	2.0
Other Investments, less than 2% each	15.1
Short-Term Investments	3.0
Total Investments	100.7
Other assets less liabilities	(0.7	)
Net Assets	100.0	%

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Small Cap Value Fund

Shares		Description	Value (†)
	Common Stocks – 97.9% of Net Assets
		Auto Components – 1.0%
	209,897	Dana, Inc.	$	2,399,123
	19,789	LCI Industries		2,007,792
				4,406,915
		Banks – 14.1%
	120,373	Ameris Bancorp		5,381,877
	131,546	Atlantic Union Bankshares Corp.		3,996,367
	176,191	Cadence Bank		4,477,013
	183,482	CVB Financial Corp.		4,645,764
	236,839	Home BancShares, Inc.		5,331,246
	269,865	OceanFirst Financial Corp.		5,030,284
	68,791	Pinnacle Financial Partners, Inc.		5,578,950
	87,484	Popular, Inc.		6,304,097
	56,181	Prosperity Bancshares, Inc.		3,746,149
	50,065	SouthState Corp.		3,961,143
	79,870	Triumph Bancorp, Inc.(a)		4,340,935
	80,878	Wintrust Financial Corp.		6,595,601
				59,389,426
		Biotechnology – 1.1%
	23,126	United Therapeutics Corp.(a)		4,842,122
		Building Products – 2.3%
	272,349	Janus International Group, Inc.(a)		2,429,353
	166,607	Quanex Building Products Corp.		3,025,583
	60,743	UFP Industries, Inc.		4,383,215
				9,838,151
		Capital Markets – 0.8%
	64,429	Stifel Financial Corp.		3,344,509
		Chemicals – 3.6%
	31,345	Ashland, Inc.		2,976,834
	71,571	Cabot Corp.		4,572,671
	245,435	LSB Industries, Inc.(a)		3,497,449
	159,299	Valvoline, Inc.		4,036,637
				15,083,591
		Commercial Services & Supplies – 2.3%
	49,036	Clean Harbors, Inc.(a)		5,392,979
	83,923	IAA, Inc.(a)		2,672,948
	41,538	VSE Corp.		1,470,445
				9,536,372
		Communications Equipment – 1.0%
	329,070	Viavi Solutions, Inc.(a)		4,294,363
		Construction & Engineering – 3.7%
	83,319	AECOM		5,696,520
	81,859	Arcosa, Inc.		4,680,698
	183,916	MDU Resources Group, Inc.		5,030,102
				15,407,320
		Diversified Financial Services – 0.7%
	140,900	Cannae Holdings, Inc.(a)		2,910,994
		Electric Utilities – 0.8%
	64,183	ALLETE, Inc.		3,212,359
		Electrical Equipment – 0.5%
	27,568	Atkore, Inc.(a)		2,145,066
		Electronic Equipment, Instruments & Components – 5.7%
	134,809	Kimball Electronics, Inc.(a)	$	2,311,974
	11,989	Littelfuse, Inc.		2,382,095
	97,169	Methode Electronics, Inc.		3,609,828
	95,682	National Instruments Corp.		3,611,039
	51,402	TD SYNNEX Corp.		4,173,328
	299,157	TTM Technologies, Inc.(a)		3,942,889
	245,995	Vontier Corp.		4,110,577
				24,141,730
		Energy Equipment & Services – 2.6%
	328,115	ChampionX Corp.		6,421,211
	140,177	Weatherford International PLC(a)		4,526,315
				10,947,526
		Entertainment – 0.7%
	100,530	Liberty Media Corp.-Liberty Braves, Class C(a)		2,764,575
		Food & Staples Retailing – 0.7%
	91,252	Andersons, Inc. (The)		2,831,550
		Food Products – 1.3%
	15,756	J&J Snack Foods Corp.		2,039,929
	127,617	Nomad Foods Ltd.(a)		1,812,162
	399,751	Whole Earth Brands, Inc.(a)		1,535,044
				5,387,135
		Health Care Equipment & Supplies – 3.9%
	29,129	CONMED Corp.		2,335,272
	51,732	Embecta Corp.		1,489,364
	112,554	Inmode Ltd.(a)		3,276,447
	87,196	Lantheus Holdings, Inc.(a)		6,132,495
	39,148	UFP Technologies, Inc.(a)		3,360,464
				16,594,042
		Health Care Providers & Services – 2.8%
	29,900	AMN Healthcare Services, Inc.(a)		3,168,204
	146,724	Option Care Health, Inc.(a)		4,617,404
	78,330	Tenet Healthcare Corp.(a)		4,040,262
				11,825,870
		Health Care Technology – 1.1%
	300,300	Allscripts Healthcare Solutions, Inc.(a)		4,573,569
		Hotels, Restaurants & Leisure – 1.8%
	20,127	Churchill Downs, Inc.		3,706,387
	33,422	Marriott Vacations Worldwide Corp.		4,072,805
				7,779,192
		Household Durables – 1.8%
	114,582	KB Home		2,969,966
	88,991	Skyline Champion Corp.(a)		4,704,954
				7,674,920
		Household Products – 0.3%
	30,646	Spectrum Brands Holdings, Inc.		1,196,113
		Independent Power & Renewable Electricity Producers – 0.8%
	49,418	NextEra Energy Partners LP		3,573,416
		Insurance – 0.8%
	100,002	Employers Holdings, Inc.		3,449,069

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Interactive Media & Services – 0.5%
	100,018	TripAdvisor, Inc.(a)	$	2,208,397
		IT Services – 3.1%
	35,131	Concentrix Corp.		3,921,674
	69,274	CSG Systems International, Inc.		3,663,209
	26,645	Euronet Worldwide, Inc.(a)		2,018,625
	155,777	International Money Express, Inc.(a)		3,550,158
				13,153,666
		Leisure Products – 0.9%
	59,611	Brunswick Corp.		3,901,540
		Life Sciences Tools & Services – 1.0%
	20,916	Charles River Laboratories International, Inc.(a)		4,116,269
		Machinery – 4.3%
	46,020	Albany International Corp., Class A		3,627,757
	104,615	Altra Industrial Motion Corp.		3,517,156
	127,292	Columbus McKinnon Corp.		3,329,959
	33,640	Kadant, Inc.		5,611,488
	126,997	Wabash National Corp.		1,976,073
				18,062,433
		Marine – 0.8%
	270,164	Genco Shipping & Trading Ltd.		3,385,155
		Media – 2.1%
	173,155	Gray Television, Inc.		2,479,579
	54,939	John Wiley & Sons, Inc., Class A		2,063,509
	66,800	Scholastic Corp.		2,054,768
	91,013	Thryv Holdings, Inc.(a)		2,077,827
				8,675,683
		Metals & Mining – 0.4%
	107,640	Arconic Corp.(a)		1,834,186
		Multi-Utilities – 0.8%
	49,109	Black Hills Corp.		3,326,153
		Oil, Gas & Consumable Fuels – 5.4%
	200,840	Antero Resources Corp.(a)		6,131,645
	103,304	California Resources Corp.		3,969,973
	84,570	EQT Corp.		3,446,227
	46,704	Laredo Petroleum, Inc.(a)		2,935,346
	226,665	Northern Oil & Gas, Inc.		6,212,888
				22,696,079
		Personal Products – 0.6%
	124,116	BellRing Brands, Inc.(a)		2,558,031
		Pharmaceuticals – 2.4%
	14,563	Jazz Pharmaceuticals PLC(a)		1,941,102
	58,786	Pacira BioSciences, Inc.(a)		3,126,827
	143,616	Supernus Pharmaceuticals, Inc.(a)		4,861,402
				9,929,331
		Professional Services – 3.2%
	46,263	Insperity, Inc.		4,722,990
	82,283	Korn Ferry		3,863,187
	55,596	Science Applications International Corp.		4,916,354
				13,502,531
		REITs – Diversified – 0.9%
	119,404	Postal Realty Trust, Inc., Class A	$	1,751,656
	131,305	UMH Properties, Inc.		2,120,576
				3,872,232
		REITs – Single Tenant – 1.0%
	63,454	Agree Realty Corp.		4,288,221
		REITs – Storage – 0.8%
	81,061	CubeSmart		3,247,304
		REITs – Warehouse/Industrials – 1.0%
	142,390	STAG Industrial, Inc.		4,048,148
		Semiconductors & Semiconductor Equipment – 2.2%
	248,220	Rambus, Inc.(a)		6,309,752
	72,602	Tower Semiconductor Ltd.(a)		3,190,132
				9,499,884
		Specialty Retail – 1.3%
	47,954	Boot Barn Holdings, Inc.(a)		2,803,391
	142,153	Urban Outfitters, Inc.(a)		2,793,306
				5,596,697
		Technology Hardware, Storage & Peripherals – 0.9%
	67,288	Super Micro Computer, Inc.(a)		3,705,550
		Textiles, Apparel & Luxury Goods – 1.0%
	61,370	Crocs, Inc.(a)		4,213,664
		Thrifts & Mortgage Finance – 1.9%
	37,297	Federal Agricultural Mortgage Corp., Class C		3,697,625
	94,150	WSFS Financial Corp.		4,374,209
				8,071,834
		Trading Companies & Distributors – 4.1%
	192,103	Alta Equipment Group, Inc.		2,115,054
	193,506	Custom Truck One Source, Inc.(a)		1,128,140
	75,361	Herc Holdings, Inc.		7,828,501
	51,617	McGrath RentCorp		4,328,602
	270,266	MRC Global, Inc.(a)		1,943,212
				17,343,509
		Water Utilities – 0.4%
	187,333	Pure Cycle Corp.(a)		1,564,230
		Wireless Telecommunication Services – 0.7%
	119,229	United States Cellular Corp.(a)		3,103,531
		Total Common Stocks
		(Identified Cost $347,480,250)		413,054,153

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Small Cap Value Fund – continued

Principal Amount		Description	Value (†)
	Short-Term Investments – 1.8%
$	7,382,880	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2022 at 1.100% to be repurchased at $7,383,557 on 10/03/2022 collateralized by $8,620,200 U.S. Treasury Bond, 3.000% due 8/15/2052 valued at $7,530,555 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $7,382,880)	$	7,382,880
		Total Investments – 99.7%
		(Identified Cost $354,863,130)		420,437,033
		Other assets less liabilities—0.3%		1,264,941
		Net Assets – 100.0%	$	421,701,974
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	REITs	Real Estate Investment Trusts

Industry Summary at September 30, 2022

Banks	14.1	%
Electronic Equipment, Instruments & Components	5.7
Oil, Gas & Consumable Fuels	5.4
Machinery	4.3
Trading Companies & Distributors	4.1
Health Care Equipment & Supplies	3.9
Construction & Engineering	3.7
Chemicals	3.6
Professional Services	3.2
IT Services	3.1
Health Care Providers & Services	2.8
Energy Equipment & Services	2.6
Pharmaceuticals	2.4
Building Products	2.3
Commercial Services & Supplies	2.3
Semiconductors & Semiconductor Equipment	2.2
Media	2.1
Other Investments, less than 2% each	30.1
Short-Term Investments	1.8
Total Investments	99.7
Other assets less liabilities	0.3
Net Assets	100.0	%

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Small/Mid Cap Growth Fund

Shares		Description	Value (†)
	Common Stocks – 96.9% of Net Assets
		Aerospace & Defense – 5.2%
	20,152	Axon Enterprise, Inc.(a)	$	2,332,594
	23,335	HEICO Corp.		3,359,773
	45,577	Hexcel Corp.		2,357,243
				8,049,610
		Banks – 2.2%
	37,422	Glacier Bancorp, Inc.		1,838,543
	48,063	Pacific Premier Bancorp, Inc.		1,488,030
				3,326,573
		Biotechnology – 6.4%
	3,560	Argenx SE, ADR(a)		1,256,858
	56,669	Halozyme Therapeutics, Inc.(a)		2,240,692
	51,999	PTC Therapeutics, Inc.(a)		2,610,350
	10,679	United Therapeutics Corp.(a)		2,235,969
	55,069	Xencor, Inc.(a)		1,430,693
				9,774,562
		Building Products – 2.6%
	23,278	Advanced Drainage Systems, Inc.		2,895,085
	46,518	Zurn Elkay Water Solutions Corp.		1,139,691
				4,034,776
		Capital Markets – 3.2%
	25,727	Hamilton Lane, Inc., Class A		1,533,586
	11,300	Morningstar, Inc.		2,399,216
	42,639	StepStone Group, Inc., Class A		1,045,082
				4,977,884
		Commercial Services & Supplies – 2.2%
	42,357	Driven Brands Holdings, Inc.(a)		1,185,149
	16,893	Tetra Tech, Inc.		2,171,257
				3,356,406
		Communications Equipment – 1.4%
	51,886	Ciena Corp.(a)		2,097,751
		Construction & Engineering – 3.3%
	8,723	Valmont Industries, Inc.		2,343,172
	67,367	WillScot Mobile Mini Holdings Corp.(a)		2,716,911
				5,060,083
		Distributors – 1.1%
	5,461	Pool Corp.		1,737,745
		Electronic Equipment, Instruments & Components – 2.9%
	24,784	Advanced Energy Industries, Inc.		1,918,530
	20,641	Coherent Corp.(a)		719,339
	33,034	Trimble, Inc.(a)		1,792,755
				4,430,624
		Energy Equipment & Services – 1.4%
	109,629	ChampionX Corp.		2,145,440
		Food & Staples Retailing – 4.9%
	51,697	BJ’s Wholesale Club Holdings, Inc.(a)		3,764,058
	10,980	Casey’s General Stores, Inc.		2,223,670
	34,277	Performance Food Group Co.(a)		1,472,197
				7,459,925
		Food Products – 1.6%
	74,580	Simply Good Foods Co. (The)(a)	$	2,385,814
		Health Care Equipment & Supplies – 9.0%
	107,614	AngioDynamics, Inc.(a)		2,201,782
	39,079	Axonics, Inc.(a)		2,752,725
	21,696	CONMED Corp.		1,739,368
	51,811	Envista Holdings Corp.(a)		1,699,919
	39,305	Globus Medical, Inc., Class A(a)		2,341,399
	9,002	Insulet Corp.(a)		2,065,059
	20,830	LivaNova PLC(a)		1,057,539
				13,857,791
		Health Care Providers & Services – 4.0%
	49,663	Acadia Healthcare Co., Inc.(a)		3,882,654
	118,876	R1 RCM Holdco, Inc.(a)		2,202,772
				6,085,426
		Health Care Technology – 1.3%
	56,471	Evolent Health, Inc., Class A(a)		2,029,003
		Hotels, Restaurants & Leisure – 4.2%
	11,281	Churchill Downs, Inc.		2,077,396
	29,098	Planet Fitness, Inc., Class A(a)		1,677,791
	30,021	Texas Roadhouse, Inc.		2,619,632
				6,374,819
		Household Durables – 0.4%
	6,649	Helen of Troy Ltd.(a)		641,230
		Insurance – 2.3%
	8,569	Kinsale Capital Group, Inc.		2,188,694
	15,848	Palomar Holdings, Inc.(a)		1,326,795
				3,515,489
		IT Services – 5.2%
	13,277	Broadridge Financial Solutions, Inc.		1,916,137
	9,021	Concentrix Corp.		1,007,014
	17,553	Endava PLC, Sponsored ADR(a)		1,415,299
	15,481	ExlService Holdings, Inc.(a)		2,281,280
	10,716	WEX, Inc.(a)		1,360,289
				7,980,019
		Machinery – 5.2%
	8,541	Chart Industries, Inc.(a)		1,574,533
	38,665	Ingersoll Rand, Inc.		1,672,648
	14,973	John Bean Technologies Corp.		1,287,678
	9,981	Middleby Corp. (The)(a)		1,279,265
	10,358	RBC Bearings, Inc.(a)		2,152,496
				7,966,620
		Oil, Gas & Consumable Fuels – 1.9%
	95,315	Magnolia Oil & Gas Corp., Class A		1,888,190
	21,684	Matador Resources Co.		1,060,781
				2,948,971
		Pharmaceuticals – 1.3%
	37,478	Pacira BioSciences, Inc.(a)		1,993,455
		Professional Services – 3.4%
	16,329	FTI Consulting, Inc.(a)		2,705,879
	58,929	KBR, Inc.		2,546,911
				5,252,790

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of September 30, 2022

Loomis Sayles Small/Mid Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Semiconductors & Semiconductor Equipment – 5.0%
	16,366	MKS Instruments, Inc.	$	1,352,486
	3,390	Monolithic Power Systems, Inc.		1,231,926
	18,645	Nova Ltd.(a)		1,590,419
	15,763	Power Integrations, Inc.		1,013,876
	30,962	Semtech Corp.(a)		910,592
	12,920	Silicon Laboratories, Inc.(a)		1,594,845
				7,694,144
		Software – 6.0%
	88,046	Box, Inc., Class A(a)		2,147,442
	13,259	Paylocity Holding Corp.(a)		3,203,109
	30,830	Q2 Holdings, Inc.(a)		992,726
	5,349	Tyler Technologies, Inc.(a)		1,858,777
	29,982	Verint Systems, Inc.(a)		1,006,796
				9,208,850
		Specialty Retail – 1.1%
	11,996	Five Below, Inc.(a)		1,651,489
		Technology Hardware, Storage & Peripherals – 2.8%
	45,614	Avid Technology, Inc.(a)		1,060,982
	120,269	Pure Storage, Inc., Class A(a)		3,291,762
				4,352,744
		Textiles, Apparel & Luxury Goods – 3.4%
	20,208	Columbia Sportswear Co.		1,359,999
	7,176	Deckers Outdoor Corp.(a)		2,243,289
	50,756	Skechers U.S.A., Inc., Class A(a)		1,609,980
				5,213,268
		Thrifts & Mortgage Finance – 1.0%
	45,237	Axos Financial, Inc.(a)		1,548,463
		Trading Companies & Distributors – 1.0%
	15,067	SiteOne Landscape Supply, Inc.(a)		1,569,077
		Total Common Stocks
		(Identified Cost $171,670,663)		148,720,841
Principal Amount
	Short-Term Investments – 3.2%
$	4,882,775	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2022 at 1.100% to be repurchased at $4,883,223 on 10/03/2022 collateralized by $5,078,500 U.S. Treasury Note, 3.500% due 9/15/2025 valued at $4,980,500 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $4,882,775)		4,882,775
		Total Investments – 100.1%
		(Identified Cost $176,553,438)		153,603,616
		Other assets less liabilities—(0.1)%		(223,408	)
		Net Assets – 100.0%	$	153,380,208
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

Industry Summary at September 30, 2022

Health Care Equipment & Supplies	9.0	%
Biotechnology	6.4
Software	6.0
Aerospace & Defense	5.2
IT Services	5.2
Machinery	5.2
Semiconductors & Semiconductor Equipment	5.0
Food & Staples Retailing	4.9
Hotels, Restaurants & Leisure	4.2
Health Care Providers & Services	4.0
Professional Services	3.4
Textiles, Apparel & Luxury Goods	3.4
Construction & Engineering	3.3
Capital Markets	3.2
Electronic Equipment, Instruments & Components	2.9
Technology Hardware, Storage & Peripherals	2.8
Building Products	2.6
Insurance	2.3
Commercial Services & Supplies	2.2
Banks	2.2
Other Investments, less than 2% each	13.5
Short-Term Investments	3.2
Total Investments	100.1
Other assets less liabilities	(0.1	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  24

Statements of Assets and Liabilities

September 30, 2022

	Small Cap Growth Fund		Small Cap Value Fund		Small/Mid Cap Growth Fund
ASSETS
Investments at cost	$	1,939,887,914	$	354,863,130	$	176,553,438
Net unrealized appreciation (depreciation)		51,396,793		65,573,903		(22,949,822	)
Investments at value		1,991,284,707		420,437,033		153,603,616
Cash		—		278,061		—
Receivable for Fund shares sold		2,244,948		615,994		10,014
Receivable for securities sold		—		1,920,098		—
Dividends and interest receivable		438,436		381,170		38,434
Prepaid expenses (Note 7)		265		58		16
TOTAL ASSETS		1,993,968,356		423,632,414		153,652,080
LIABILITIES
Payable for securities purchased		14,351,905		953,881		62,629
Payable for Fund shares redeemed		700,230		296,223		21,901
Management fees payable (Note 5)		1,289,906		271,764		89,816
Deferred Trustees’ fees (Note 5)		277,701		284,529		37,150
Administrative fees payable (Note 5)		79,303		17,436		6,235
Payable to distributor (Note 5d)		12,125		3,350		27
Audit and tax services fees payable		45,425		45,915		45,071
Other accounts payable and accrued expenses		117,085		57,342		9,043
TOTAL LIABILITIES		16,873,680		1,930,440		271,872
NET ASSETS	$	1,977,094,676	$	421,701,974	$	153,380,208
NET ASSETS CONSIST OF:
Paid-in capital	$	1,881,479,062	$	306,948,010	$	182,975,262
Accumulated earnings (loss)		95,615,614		114,753,964		(29,595,054	)
NET ASSETS	$	1,977,094,676	$	421,701,974	$	153,380,208
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	883,457,798	$	276,019,643	$	106,566,379
Shares of beneficial interest		38,614,974		12,231,891		10,301,830
Net asset value, offering and redemption price per share	$	22.88	$	22.57	$	10.34
Retail Class:
Net assets	$	62,909,145	$	63,738,219	$	—
Shares of beneficial interest		3,149,117		2,903,727		—
Net asset value, offering and redemption price per share	$	19.98	$	21.95	$	—
Admin Class shares:
Net assets	$	—	$	6,775,952	$	—
Shares of beneficial interest		—		333,598		—
Net asset value, offering and redemption price per share	$	—	$	20.31	$	—
Class N shares:
Net assets	$	1,030,727,733	$	75,168,160	$	46,813,829
Shares of beneficial interest		44,362,032		3,328,601		4,521,472
Net asset value, offering and redemption price per share	$	23.23	$	22.58	$	10.35

See accompanying notes to financial statements.

25  |

Statements of Operations

For the Year Ended September 30, 2022

	Small Cap Growth Fund			Small Cap Value Fund			Small/Mid Cap Growth Fund
INVESTMENT INCOME
Dividends	$	10,396,028	(a)	$	7,411,939		$	510,496
Interest		125,672			16,800			9,953
Less net foreign taxes withheld		(52,906	)		(21,902	)		—
		10,468,794			7,406,837			520,449
Expenses
Management fees (Note 5)		18,479,365			4,039,249			1,004,898
Service and distribution fees (Note 5)		211,376			243,852			—
Administrative fees (Note 5)		1,084,767			237,337			59,585
Trustees’ fees and expenses (Note 5)		79,886			27,037			15,767
Trustees’ fees deferred compensation (Note 5)		(38,332	)		(53,840	)		(3,526	)
Transfer agent fees and expenses (Notes 5 and 6)		1,384,697			370,715			5,655
Audit and tax services fees		43,465			44,035			43,384
Custodian fees and expenses		89,404			18,355			9,911
Legal fees (Note 7)		77,331			16,909			4,237
Registration fees		82,576			79,620			48,125
Shareholder reporting expenses		137,432			93,453			5,323
Miscellaneous expenses		93,635			41,069			27,388
Total expenses		21,725,602			5,157,791			1,220,747
Less waiver and/or expense reimbursement (Note 5)		—			(122,879	)		(103,974	)
Net expenses		21,725,602			5,034,912			1,116,773
Net investment income (loss)		(11,256,808	)		2,371,925			(596,324	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		55,541,403			53,239,567			(6,038,711	)
Net change in unrealized appreciation (depreciation) on:
Investments		(710,299,435	)		(140,778,533	)		(41,617,706	)
Net realized and unrealized loss on investments		(654,758,032	)		(87,538,966	)		(47,656,417	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(666,014,840	)	$	(85,167,041	)	$	(48,252,741	)

(a) Includes a non-recurring dividend of $1,235,166.

See accompanying notes to financial statements.

|  26

Statements of Changes in Net Assets

	Small Cap Growth Fund						Small Cap Value Fund
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2022			Year Ended September 30, 2021
FROM OPERATIONS:
Net investment income (loss)	$	(11,256,808	)	$	(19,450,861	)	$	2,371,925		$	507,378
Net realized gain on investments		55,541,403			533,253,178			53,239,567			100,227,931
Net change in unrealized appreciation (depreciation) on investments		(710,299,435	)		177,322,872			(140,778,533	)		147,963,359
Net increase (decrease) in net assets resulting from operations		(666,014,840	)		691,125,189			(85,167,041	)		248,698,668
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Institutional Class		(225,523,167	)		(22,559,287	)		(63,922,055	)		(26,695,330	)
Retail Class		(19,793,925	)		(2,296,488	)		(14,932,854	)		(7,238,030	)
Admin Class		—			—			(1,673,437	)		(668,585	)
Class N		(252,701,386	)		(24,308,305	)		(19,629,374	)		(8,552,785	)
Total distributions		(498,018,478	)		(49,164,080	)		(100,157,720	)		(43,154,730	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		261,184,927			36,085,434			14,383,874			(91,550,412	)
Net increase (decrease) in net assets		(902,848,391	)		678,046,543			(170,940,887	)		113,993,526
NET ASSETS
Beginning of the year		2,879,943,067			2,201,896,524			592,642,861			478,649,335
End of the year	$	1,977,094,676		$	2,879,943,067		$	421,701,974		$	592,642,861

See accompanying notes to financial statements.

27  |

Statements of Changes in Net Assets – continued

	Small/Mid Cap Growth Fund
	Year Ended September 30, 2022			Year Ended September 30, 2021
FROM OPERATIONS:
Net investment loss	$	(596,324	)	$	(105,005	)
Net realized gain (loss) on investments		(6,038,711	)		9,142,738
Net change in unrealized appreciation (depreciation) on investments		(41,617,706	)		8,684,917
Net increase (decrease) in net assets resulting from operations		(48,252,741	)		17,722,650
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Institutional Class		(7,348,311	)		(450,185	)
Class N		(901,138	)		(58,589	)
Total distributions		(8,249,449	)		(508,774	)
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		130,096,993			10,400,054
Net increase in net assets		73,594,803			27,613,930
NET ASSETS
Beginning of the year		79,785,405			52,171,475
End of the year	$	153,380,208		$	79,785,405

See accompanying notes to financial statements.

|  28

Financial Highlights

For a share outstanding throughout each period.

	Small Cap Growth Fund – Institutional Class
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	36.57		$	28.51		$	26.30		$	31.55		$	27.37
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.15	)(b)		(0.26	)		(0.17	)		(0.16	)		(0.16	)
Net realized and unrealized gain (loss)		(7.06	)		8.94			4.73			(2.51	)		7.54
Total from Investment Operations		(7.21	)		8.68			4.56			(2.67	)		7.38
LESS DISTRIBUTIONS FROM:
Net realized capital gains		(6.48	)		(0.62	)		(2.35	)		(2.58	)		(3.20	)
Net asset value, end of the period	$	22.88		$	36.57		$	28.51		$	26.30		$	31.55
Total return		(24.77	)%(b)		30.53	%		17.98	%		(6.88	)%		29.77	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	883,458		$	1,299,777		$	1,037,625		$	908,616		$	926,914
Net expenses		0.93	%		0.92	%		0.94	%		0.95	%		0.94	%
Gross expenses		0.93	%		0.92	%		0.94	%		0.95	%		0.94	%
Net investment loss		(0.51	)%(b)		(0.72	)%		(0.66	)%		(0.62	)%		(0.58	)%
Portfolio turnover rate		34	%		52	%		52	%		67	%		41	%

(a) Per share net investment loss has been calculated using the average shares outstanding during the period.

(b) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.16), total return would have been (24.83%) and the ratio of net investment loss to average net assets would have been (0.56%).

	Small Cap Growth Fund – Retail Class
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	32.79		$	25.67		$	23.95		$	29.09		$	25.53
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.19	)(b)		(0.30	)		(0.21	)		(0.21	)		(0.22	)
Net realized and unrealized gain (loss)		(6.14	)		8.04			4.28			(2.35	)		6.98
Total from Investment Operations		(6.33	)		7.74			4.07			(2.56	)		6.76
LESS DISTRIBUTIONS FROM:
Net realized capital gains		(6.48	)		(0.62	)		(2.35	)		(2.58	)		(3.20	)
Net asset value, end of the period	$	19.98		$	32.79		$	25.67		$	23.95		$	29.09
Total return		(24.94	)%(b)		30.20	%		17.67	%		(7.11	)%(c)		29.45	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	62,909		$	105,027		$	98,205		$	95,635		$	136,415
Net expenses		1.18	%		1.17	%		1.19	%		1.19	%(d)		1.19	%
Gross expenses		1.18	%		1.17	%		1.19	%		1.20	%		1.19	%
Net investment loss		(0.76	)%(b)		(0.92	)%		(0.91	)%		(0.86	)%		(0.82	)%
Portfolio turnover rate		34	%		52	%		52	%		67	%		41	%

(a) Per share net investment loss has been calculated using the average shares outstanding during the period.

(b) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.21), total return would have been (25.01%) and the ratio of net investment loss to average net assets would have been (0.81%).

(c) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d) The administrator agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

See accompanying notes to financial statements.

29  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Growth Fund – Class N
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	37.01		$	28.81		$	26.53		$	31.76		$	27.50
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.11	)(b)		(0.22	)		(0.14	)		(0.13	)		(0.12	)
Net realized and unrealized gain (loss)		(7.19	)		9.04			4.77			(2.52	)		7.58
Total from Investment Operations		(7.30	)		8.82			4.63			(2.65	)		7.46
LESS DISTRIBUTIONS FROM:
Net realized capital gains		(6.48	)		(0.62	)		(2.35	)		(2.58	)		(3.20	)
Net asset value, end of the period	$	23.23		$	37.01		$	28.81		$	26.53		$	31.76
Total return		(24.69	)%(b)		30.66	%		18.09	%		(6.76	)%		29.93	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,030,728		$	1,475,139		$	1,066,067		$	629,914		$	517,734
Net expenses		0.82	%		0.82	%		0.82	%		0.82	%		0.82	%
Gross expenses		0.82	%		0.82	%		0.82	%		0.82	%		0.82	%
Net investment loss		(0.39	)%(b)		(0.62	)%		(0.54	)%		(0.49	)%		(0.43	)%
Portfolio turnover rate		34	%		52	%		52	%		67	%		41	%

(a) Per share net investment loss has been calculated using the average shares outstanding during the period.

(b) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.13), total return would have been (24.71%) and the ratio of net investment loss to average net assets would have been (0.44%).

	Small Cap Value Fund – Institutional Class
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	32.05		$	22.34		$	28.66		$	35.27		$	37.37
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.13			0.04			0.12			0.10			0.09
Net realized and unrealized gain (loss)		(4.18	)		11.79			(4.03	)		(2.49	)		2.11
Total from Investment Operations		(4.05	)		11.83			(3.91	)		(2.39	)		2.20
LESS DISTRIBUTIONS FROM:
Net investment income		(0.05	)		(0.13	)		(0.12	)		(0.08	)		(0.05	)
Net realized capital gains		(5.38	)		(1.99	)		(2.29	)		(4.14	)		(4.25	)
Total Distributions		(5.43	)		(2.12	)		(2.41	)		(4.22	)		(4.30	)
Net asset value, end of the period	$	22.57		$	32.05		$	22.34		$	28.66		$	35.27
Total return(b)		(16.18	)%		55.05	%		(15.31	)%		(4.11	)%		6.21	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	276,020		$	378,856		$	295,006		$	433,360		$	587,198
Net expenses(c)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Gross expenses		0.93	%		0.94	%		0.95	%		0.93	%		0.92	%
Net investment income		0.48	%		0.12	%		0.48	%		0.36	%		0.26	%
Portfolio turnover rate		28	%		23	%		23	%		24	%		19	%

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

See accompanying notes to financial statements.

|  30

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund – Retail Class
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	31.33		$	21.87		$	28.11		$	34.66		$	36.83
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.06			(0.04	)		0.05			0.03			0.00	(b)
Net realized and unrealized gain (loss)		(4.06	)		11.55			(3.96	)		(2.44	)		2.08
Total from Investment Operations		(4.00	)		11.51			(3.91	)		(2.41	)		2.08
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.06	)		(0.04	)		—			—
Net realized capital gains		(5.38	)		(1.99	)		(2.29	)		(4.14	)		(4.25	)
Total Distributions		(5.38	)		(2.05	)		(2.33	)		(4.14	)		(4.25	)
Net asset value, end of the period	$	21.95		$	31.33		$	21.87		$	28.11		$	34.66
Total return(c)		(16.40	)%		54.69	%		(15.56	)%		(4.33	)%		5.95	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	63,738		$	92,036		$	83,163		$	134,434		$	208,310
Net expenses(d)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Gross expenses		1.18	%		1.19	%		1.20	%		1.18	%		1.17	%
Net investment income (loss)		0.23	%		(0.12	)%		0.23	%		0.10	%		0.01	%
Portfolio turnover rate		28	%		23	%		23	%		24	%		19	%

(a) Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

	Small Cap Value Fund – Admin Class
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	29.44		$	20.65		$	26.68		$	33.25		$	35.58
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.01	)		(0.10	)		(0.01	)		(0.04	)		(0.08	)
Net realized and unrealized gain (loss)		(3.74	)		10.88			(3.73	)		(2.39	)		2.00
Total from Investment Operations		(3.75	)		10.78			(3.74	)		(2.43	)		1.92
LESS DISTRIBUTIONS FROM:
Net realized capital gains		(5.38	)		(1.99	)		(2.29	)		(4.14	)		(4.25	)
Net asset value, end of the period	$	20.31		$	29.44		$	20.65		$	26.68		$	33.25
Total return(b)		(16.63	)%		54.29	%		(15.74	)%		(4.60	)%		5.68	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	6,776		$	9,440		$	7,662		$	13,357		$	24,530
Net expenses(c)		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%
Gross expenses		1.43	%		1.43	%		1.45	%		1.43	%		1.42	%
Net investment loss		(0.02	)%		(0.38	)%		(0.03	)%		(0.15	)%		(0.24	)%
Portfolio turnover rate		28	%		23	%		23	%		24	%		19	%

(a) Per share net investment loss has been calculated using the average shares outstanding during the period.

(b) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

See accompanying notes to financial statements.

31  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund – Class N
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	32.07		$	22.35		$	28.68		$	35.31		$	37.41
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.15			0.05			0.13			0.12			0.12
Net realized and unrealized gain (loss)		(4.19	)		11.80			(4.03	)		(2.50	)		2.11
Total from Investment Operations		(4.04	)		11.85			(3.90	)		(2.38	)		2.23
LESS DISTRIBUTIONS FROM:
Net investment income		(0.07	)		(0.14	)		(0.14	)		(0.11	)		(0.08	)
Net realized capital gains		(5.38	)		(1.99	)		(2.29	)		(4.14	)		(4.25	)
Total Distributions		(5.45	)		(2.13	)		(2.43	)		(4.25	)		(4.33	)
Net asset value, end of the period	$	22.58		$	32.07		$	22.35		$	28.68		$	35.31
Total return		(16.16	)%		55.15	%		(15.28	)%		(4.07	)%		6.28	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	75,168		$	112,310		$	92,818		$	141,821		$	153,646
Net expenses		0.84	%		0.85	%		0.85	%		0.83	%		0.83	%
Gross expenses		0.84	%		0.85	%		0.85	%		0.83	%		0.83	%
Net investment income		0.53	%		0.17	%		0.53	%		0.43	%		0.33	%
Portfolio turnover rate		28	%		23	%		23	%		24	%		19	%

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

	Small/Mid Cap Growth Fund – Institutional Class
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of the period	$	15.25		$	11.81		$	10.03		$	15.49		$	12.31
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.06	)		(0.02	)(b)		(0.04	)		(0.04	)		(0.05	)
Net realized and unrealized gain (loss)		(3.37	)		3.56			2.06			(1.55	)(c)		3.23
Total from Investment Operations		(3.43	)		3.54			2.02			(1.59	)		3.18
LESS DISTRIBUTIONS FROM:
Net realized capital gains		(1.48	)		(0.10	)		(0.24	)		(3.87	)		—
Net asset value, end of the period	$	10.34		$	15.25		$	11.81		$	10.03		$	15.49
Total return(d)		(25.43	)%		30.00	%(b)		20.38	%		(3.27	)%		25.83	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	106,566		$	70,526		$	52,170		$	34,312		$	17,500
Net expenses(e)		0.84	%(f)		0.84	%(f)		0.84	%		0.85	%		0.85	%
Gross expenses		0.91	%		0.99	%		1.21	%		1.30	%		1.43	%
Net investment loss		(0.45	)%		(0.14	)%(b)		(0.34	)%		(0.35	)%		(0.35	)%
Portfolio turnover rate		50	%		50	%		60	%		67	%		102	%

(a) Per share net investment loss has been calculated using the average shares outstanding during the period.

(b) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.08), total return would have been 29.49% and the ratio of net investment loss to average net assets would have been (0.52%).

(c) The amount shown for a share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of sales and redemptions of fund shares in relation to fluctuating market values of investments of the Fund.

(d) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(e) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(f) Includes additional voluntary waiver of advisory fee of 0.01%.

See accompanying notes to financial statements.

|  32

Financial Highlights – continued

For a share outstanding throughout each period.

	Small/Mid Cap Growth Fund – Class N
	Year Ended September 30, 2022			Year Ended September 30, 2021			Period Ended September 30, 2020*
Net asset value, beginning of the period	$	15.26		$	11.81		$	9.89
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.05	)		(0.01	)(b)		(0.04	)
Net realized and unrealized gain (loss)		(3.38	)		3.56			2.20
Total from Investment Operations		(3.43	)		3.55			2.16
LESS DISTRIBUTIONS FROM:
Net realized capital gains		(1.48	)		(0.10	)		(0.24	)
Net asset value, end of the period	$	10.35		$	15.26		$	11.81
Total return(c)		(25.41	)%		30.08	%(b)		22.08	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	46,814		$	9,260		$	1
Net expenses(e)		0.83	%		0.83	%		0.83	%(f)
Gross expenses		0.91	%		1.00	%		107.49	%(f)
Net investment loss		(0.44	)%		(0.08	)%(b)		(0.34	)%(f)
Portfolio turnover rate		50	%		50	%		60	%(g)

* Class operations commenced on October 1, 2019.

(a) Per share net investment loss has been calculated using the average shares outstanding during the period.

(b) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.07), total return would have been 29.66% and the ratio of net investment loss to average net assets would have been (0.50%).

(c) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d) Periods less than one year are not annualized.

(e) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(f) Computed on an annualized basis for periods less than one year.

(g) Represents the Fund’s portfolio turnover rate for the year ended September 30, 2020.

See accompanying notes to financial statements.

33  |

Notes to Financial Statements

September 30, 2022

1.  Organization. Loomis Sayles Funds I and Loomis Sayles Funds II (the “Trusts” and each a “Trust”) are each organized as a Massachusetts business trust. Each Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Each Declaration of Trust permits the Board of Trustees to authorize the issuance of an unlimited number of shares of the Trust in multiple series. The financial statements for certain funds of the Trusts are presented in separate reports. The following funds (individually, a “Fund” and collectively, the “Funds”) are included in this report:

Loomis Sayles Funds I:

Loomis Sayles Small Cap Value Fund (the “Small Cap Value Fund”)

Loomis Sayles Funds II:

Loomis Sayles Small Cap Growth Fund (the “Small Cap Growth Fund”)

Loomis Sayles Small/Mid Cap Growth Fund (the “Small/Mid Cap Growth Fund”)

Each Fund is a diversified investment company.

Small Cap Growth Fund offers Institutional Class, Retail Class and Class N shares. Small Cap Value Fund offers Institutional Class, Retail Class, Admin Class and Class N shares. Small/Mid Cap Growth Fund offers Institutional Class and Class N shares.

Each share class is sold without a sales charge. Retail Class and Admin Class shares pay a Rule 12b-1 fee. Class N shares are offered with an initial minimum investment of $1,000,000. Institutional Class shares are intended for institutional investors with a minimum initial investment of $100,000. Certain categories of investors are exempted from the minimum investment amount for Class N and Institutional Class as outlined in the relevant Fund’s prospectus. Admin Class shares are offered exclusively through intermediaries.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the Funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), and Natixis ETF Trust and Natixis ETF Trust II (“Natixis ETF Trusts”). Expenses of a Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule 12b-1 fees applicable to Retail Class and Admin Class), and transfer agent fees are borne collectively for Institutional Class, Retail Class and Admin Class, and individually for Class N. In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of a Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

2.  Significant Accounting Policies. The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. The Funds’ financial statements follow the accounting and reporting guidelines provided for investment companies and are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Management has evaluated the events and transactions subsequent to year-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Funds’ financial statements.

a.  Valuation. Registered investment companies are required to value portfolio investments using an unadjusted, readily available market quotation. Each Fund obtains readily available market quotations from independent pricing services. Fund investments for which readily available market quotations are not available are priced at fair value pursuant to the Funds’ Valuation Procedures. The Board of Trustees has approved a valuation designee who is subject to the Board’s oversight.

Unadjusted readily available market quotations that are utilized for exchange traded equity securities (including shares of closed-end investment companies and exchange-traded funds) include the last sale price quoted on the exchange where the security is traded most extensively. Shares of open-end investment companies are valued at net asset value per share.

Exchange traded equity securities for which there is no reported sale during the day are fair valued at the closing bid quotation as reported by an independent pricing service. Unlisted equity securities (except unlisted preferred equity securities) are fair valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be fair valued using evaluated bids furnished by an independent pricing service, if available.

Debt securities and unlisted preferred equity securities are fair valued based on evaluated bids furnished to the Funds by an independent pricing service or bid prices obtained from broker-dealers. Broker-dealer bid prices may be used to fair value debt and unlisted equities where an independent pricing service is unable to price an investment or where an independent pricing service does not provide a reliable price for the investment.

|  34

Notes to Financial Statements – continued

September 30, 2022

The Funds may also fair value investments in other circumstances such as when extraordinary events occur after the close of a foreign market, but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing a Fund’s investments, the valuation designee may, among other things, use modeling tools or other processes that may take into account factors such as issuer specific information, or other related market activity and/or information that occurred after the close of the foreign market but before the time the Fund’s net asset value (“NAV”) is calculated. Fair valuation by the Fund(s) valuation designee may require subjective determinations about the value of the investment, and fair values used to determine a Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of investments held by a Fund.

b.  Investment Transactions and Related Investment Income. Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, is recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains and return of capital included in distributions received from the Funds’ investments in real estate investment trusts (“REITs”) are reported to the Funds after the end of the fiscal year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the fiscal year. Estimates are based on the most recent REIT distribution information available. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

c.  Foreign Currency Translation. The books and records of the Funds are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars, if any, are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars on the respective dates of such transactions.

Net realized foreign exchange gains or losses arise from sales of foreign currency, changes in exchange rates between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded in the Funds’ books and records and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities, other than investment securities, as of the end of the fiscal period, resulting from changes in exchange rates.

The values of investment securities are presented at the foreign exchange rates prevailing at the end of the period for financial reporting purposes. Net realized and unrealized gains or losses on investments reported in the Statements of Operations reflect gains or losses resulting from changes in exchange rates and fluctuations which arise due to changes in market prices of investment securities.

The Funds may use foreign currency exchange contracts to facilitate transactions in foreign-denominated investments. Losses may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

d.  Federal and Foreign Income Taxes. The Trusts treat each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of September 30, 2022 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next twelve months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

A Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statements of Operations as a reduction of investment income, net of amounts that have been or are expected to be reclaimed and paid. Dividends and interest receivable on the Statements of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes where reclaims have been or are expected to be filed and paid are reflected on the Statements of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statements of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statements of

35  |

Notes to Financial Statements – continued

September 30, 2022

Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to a Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.

e.  Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as return of capital distributions received, distribution re-designations, capital gain distributions received and net operating losses. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees and wash sales. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and short-term capital gains are reported as distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the years ended September 30, 2022 and 2021 was as follows:

	2022 Distributions						2021 Distributions
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
Small Cap Growth Fund	$	14,122,150	$	483,896,328	$	498,018,478	$	—	$	49,164,080	$	49,164,080
Small Cap Value Fund		8,282,886		91,874,834		100,157,720		2,422,269		40,732,461		43,154,730
Small/Mid Cap Growth Fund		—		8,249,449		8,249,449		—		508,774		508,774

Distributions paid to shareholders from net investment income and net realized capital gains, based on accounting principles generally accepted in the United States of America, are consolidated and reported on the Statements of Changes in Net Assets as Distributions to Shareholders. Distributions paid to shareholders from net investment income and net realized capital gains expressed in per-share amounts, based on accounting principles generally accepted in the United States of America, are separately stated and reported within the Financial Highlights.

As of September 30, 2022, the components of distributable earnings on a tax basis were as follows:

	Small Cap Growth Fund			Small Cap Value Fund		Small/Mid Cap Growth Fund
Undistributed ordinary income	$	—		$	1,427,268	$	—
Undistributed long-term capital gains		54,712,252			48,588,938		—
Total undistributed earnings		54,712,252			50,016,206		—
Late-year ordinary and post-October capital loss deferrals*		(7,898,482	)		—		(6,245,087	)
Unrealized appreciation (depreciation)		49,079,545			65,022,288		(23,312,817	)
Total accumulated earnings (losses)	$	95,893,315		$	115,038,494	$	(29,557,904	)

* Under current tax law, net operating losses, capital losses, foreign currency losses, and losses on passive foreign investment companies and contingent payment debt instruments after October 31 or December 31, as applicable, may be deferred and treated as occurring on the first day of the following taxable year. Small Cap Growth Fund and Small/Mid Cap Growth Fund are deferring net operating losses and capital losses.

As of September 30, 2022, the tax cost of investments and unrealized appreciation (depreciation) on a federal tax basis were as follows:

	Small Cap Growth Fund			Small Cap Value Fund			Small/Mid Cap Growth Fund
Federal tax cost	$	1,942,205,162		$	355,414,745		$	176,916,433
Gross tax appreciation	$	265,284,889		$	96,500,094		$	5,091,042
Gross tax depreciation		(216,205,344	)		(31,477,806	)		(28,403,859	)
Net tax appreciation (depreciation)	$	49,079,545		$	65,022,288		$	(23,312,817	)

f.  Repurchase Agreements. Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the

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Notes to Financial Statements – continued

September 30, 2022

benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of September 30, 2022, each Fund, as applicable, had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

g.  Securities Lending. Small Cap Growth Fund and Small Cap Value Fund have entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Funds, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value (including accrued interest) of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value (including accrued interest) of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value (including accrued interest) of loaned securities for non-U.S. equities; and at least 100% of the market value (including accrued interest) of loaned securities for U.S. Government securities, sovereign debt issued by non-U.S. Governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Funds may bear the risk of loss with respect to the investment of the collateral. The Funds invest cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Funds and State Street Bank as lending agent.

For the year ended September 30, 2022, neither Fund had loaned securities under this agreement.

h.  Indemnifications. Under the Trusts’ organizational documents, their officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

i.  New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board issued Accounting Standards Update 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in ASC 820 related to the measurement of fair value of an equity security subject to contractual sale restrictions, eliminating the ability to apply a discount to the fair value of such securities, and introducing related disclosure requirements. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the impact of applying this update.

3.  Fair Value Measurements. In accordance with accounting standards related to fair value measurements and disclosures, the Funds have categorized the inputs utilized in determining the value of each Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:

• Level 1—quoted prices in active markets for identical assets or liabilities;

• Level 2—prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and

• Level 3—prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect each Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The Funds’ pricing policies have been approved by the Board of Trustees. Investments for which market quotations are readily available are categorized in Level 1. Other investments for which an independent pricing service is utilized are categorized in Level 2. Broker-dealer bid prices for which the Funds have knowledge of the inputs used by the broker-dealer are categorized in Level 2. All other investments, including broker-dealer bid prices for which the Funds do not have knowledge of the inputs used by the broker-dealer, as well as investments fair valued by the valuation designee, are categorized in Level 3. All Level 2 and 3 securities are defined as being fair valued.

Under certain conditions and based upon specific facts and circumstances, the Fund’s valuation designee may determine that a fair valuation should be made for portfolio investment(s). These valuation designee fair valuations will be based upon a significant amount of Level 3 inputs.

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Notes to Financial Statements – continued

September 30, 2022

The following is a summary of the inputs used to value the Funds’ investments as of September 30, 2022, at value:

Small Cap Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,931,590,842	$	—	$	—	$	1,931,590,842
Short-Term Investments		—		59,693,865		—		59,693,865
Total	$	1,931,590,842	$	59,693,865	$	—	$	1,991,284,707

(a) Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

Small Cap Value Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	413,054,153	$	—	$	—	$	413,054,153
Short-Term Investments		—		7,382,880		—		7,382,880
Total	$	413,054,153	$	7,382,880	$	—	$	420,437,033

(a) Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

Small/Mid Cap Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	148,720,841	$	—	$	—	$	148,720,841
Short-Term Investments		—		4,882,775		—		4,882,775
Total	$	148,720,841	$	4,882,775	$	—	$	153,603,616

(a) Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

4.  Purchases and Sales of Securities. For the year ended September 30, 2022, purchases and sales of securities (excluding short-term investments) were as follows:

Fund	Purchases		Sales
Small Cap Growth Fund	$	809,093,493	$	1,011,103,221
Small Cap Value Fund		147,792,628		227,940,431
Small/Mid Cap Growth Fund		182,539,304		63,489,680

5.  Management Fees and Other Transactions with Affiliates.

a.  Management Fees. Loomis, Sayles & Company, L.P. (“Loomis Sayles”) serves as investment adviser to each Fund. Loomis Sayles is a limited partnership whose sole general partner, Loomis, Sayles & Company, Inc., is indirectly owned by Natixis Investment Managers, LLC, which is part of Natixis Investment Managers, an international asset management group based in Paris, France.

Under the terms of the management agreements, each Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on each Fund’s average daily net assets:

Fund	Percentage of Average Daily Net Assets
Small Cap Growth Fund		0.75%
Small Cap Value Fund		0.75%
Small/Mid Cap Growth Fund		0.75%

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until January 31, 2023, may be terminated before then only with the consent of the Funds’ Board of Trustees and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/ reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

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Notes to Financial Statements – continued

September 30, 2022

For the year ended September 30, 2022, the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:

	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Institutional Class	Retail Class	Admin Class	Class N
Small Cap Growth Fund	1.00%	1.25%	—	0.95%
Small Cap Value Fund	0.90%	1.15%	1.40%	0.85%
Small/Mid Cap Growth Fund	0.85%	—	—	0.83%

Loomis Sayles shall be permitted to recover expenses borne under the expense limitation agreements (whether through waiver of management fees or otherwise) on a class by class basis in later periods to the extent the annual operating expenses of a class fall below both (1) a class’ expense limitation ratio in place at the time such amounts were waived/reimbursed and (2) a class’ current applicable expense limitation ratio, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

For the year ended September 30, 2022, the management fees for each Fund were as follows:

Fund	Gross Management Fees		Contractual Waivers of Management Fees1		Voluntary Waivers of Management Fees2		Net Management Fees		Percentage of Average Daily Net Assets
									Gross		Net
Small Cap Growth Fund	$	18,479,365	$	—	$	—	$	18,479,365		0.75%		0.75%
Small Cap Value Fund		4,039,249		—		—		4,039,249		0.75%		0.75%
Small/Mid Cap Growth Fund		1,004,898		88,872		13,965		902,061		0.75%		0.67%

For the year ended September 30, 2022, class-specific expenses have been reimbursed as follows:

	Reimbursement1
Fund	Institutional Class	Retail Class	Admin Class	Class N	Total
Small Cap Value Fund	$98,247	$22,229	$2,403	$—	$122,879

¹ Waiver/expense reimbursements are subject to possible recovery until September 30, 2023.

² In order to ensure that the total annual fund operating expenses after fee waiver and/or expense reimbursement do not exceed limitations, the Adviser may voluntarily waive additional advisory fees for Small/Mid Cap Growth Fund. Voluntary management fee waivers are not subject to recovery under the expense limitation agreement described above.

b.  Service and Distribution Fees. Natixis Distribution, LLC (“Natixis Distribution”), which is a wholly-owned subsidiary of Natixis Investment Managers, LLC, has entered into a distribution agreement with the Trusts. Pursuant to this agreement, Natixis Distribution serves as principal underwriter of the Funds of the Trusts.

Pursuant to Rule 12b-1 under the 1940 Act, Small Cap Growth Fund and Small Cap Value Fund have adopted a Distribution Plan relating to each Fund’s Retail Class shares (the “Retail Class Plans”) and Small Cap Value Fund has adopted a Distribution Plan relating to its Admin Class shares (the “Admin Class Plan”).

Under the Retail Class Plans, each Fund pays Natixis Distribution a monthly distribution fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Retail Class shares, as compensation for services provided by Natixis Distribution in connection with the marketing or sale of Retail Class shares or for payments made by Natixis Distribution to securities dealers or other financial intermediaries as commissions, asset-based sales charges or other compensation with respect to the sale of Retail Class shares, or for providing personal services to investors and/or the maintenance of shareholder accounts.

Under the Admin Class Plan, Small Cap Value Fund pays Natixis Distribution a monthly distribution fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Admin Class shares, as compensation for services provided by Natixis Distribution in connection with the marketing or sale of Admin Class shares or for payments made by Natixis Distribution to securities dealers or other financial intermediaries as commissions, asset-based sales charges or other compensation with respect to the sale of Admin Class shares, or for providing personal services to investors and/or the maintenance of shareholder accounts.

In addition, the Admin Class shares of Small Cap Value Fund may pay Natixis Distribution an administrative service fee, at an annual rate not to exceed 0.25% of the average daily net assets attributable to Admin Class shares. These fees are subsequently paid to securities dealers or financial intermediaries for providing personal services and/or account maintenance for their customers who hold such shares.

39  |

Notes to Financial Statements – continued

September 30, 2022

For the year ended September 30, 2022, the service and distribution fees for each Fund were as follows:

	Service Fees		Distribution Fees
Fund	Admin Class		Retail Class		Admin Class
Small Cap Growth Fund	$	—	$	211,376	$	—
Small Cap Value Fund		21,323		201,206		21,323

c.  Administrative Fees. Natixis Advisors, LLC (“Natixis Advisors”) provides certain administrative services for the Funds and contracts with State Street Bank to serve as sub-administrator. Natixis Advisors is a wholly-owned subsidiary of Natixis Investment Managers, LLC. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trusts and Natixis Advisors, each Fund pays Natixis Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0540% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0275% of the next $30 billion and 0.0225% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts of $10 million, which is reevaluated on an annual basis.

For the year ended September 30, 2022, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Small Cap Growth Fund	$	1,084,767
Small Cap Value Fund		237,337
Small/Mid Cap Growth Fund		59,585

d.  Sub-Transfer Agent Fees. Natixis Distribution has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the Funds and has agreed to compensate the intermediaries for providing those services. Intermediaries transact with the Funds primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Funds. These services would have been provided by the Funds’ transfer agent and other service providers if the shareholders’ accounts were maintained directly at the Funds’ transfer agent. Accordingly, the Funds have agreed to reimburse Natixis Distribution for all or a portion of the servicing fees paid to these intermediaries. The reimbursement amounts (sub-transfer agent fees) paid to Natixis Distribution are subject to a current per-account equivalent fee limit approved by the Funds’ Board of Trustees, which is based on fees for similar services paid to the Funds’ transfer agent and other service providers. Class N shares do not bear such expenses.

For the year ended September 30, 2022, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:

Fund	Sub-Transfer Agent Fees
Small Cap Growth Fund	$	1,349,327
Small Cap Value Fund		346,081
Small/Mid Cap Growth Fund		1,983

As of September 30, 2022, the Funds owe Natixis Distribution the following reimbursements for sub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor):

Fund	Reimbursements of Sub-Transfer Agent Fees
Small Cap Growth Fund	$	12,125
Small Cap Value Fund		3,350
Small/Mid Cap Growth Fund		27

Sub-transfer agent fees attributable to Institutional Class, Retail Class and Admin Class are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes.

e.  Trustees Fees and Expenses. The Trusts do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis Investment Managers, LLC or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $369,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $210,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends

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Notes to Financial Statements – continued

September 30, 2022

telephonically. In addition, the chairperson of the Contract Review Committee, the chairperson of the Audit Committee and the chairperson of the Governance Committee each receive an additional retainer fee at the annual rate of $20,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

Prior to January 1, 2022, each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $199,000. All other Trustees fees remained unchanged.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts as designated by the participating Trustees. Changes in the value of participants’ deferral accounts are allocated pro rata among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, and are normally reflected as Trustees’ fees and expenses in the Statements of Operations. Deferred amounts remain in the funds until distributed in accordance with the provisions of the Plan. The portions of the accrued obligations allocated to the Funds under the Plan are reflected as Deferred Trustees’ fees in the Statements of Assets and Liabilities.

For the year ended September 30, 2022, net depreciation in the value of participants’ deferral accounts are reflected on the Statements of Operations as a reduction to expenses, as follows:

Fund	Amount
Small Cap Growth Fund	$	(38,332	)
Small Cap Value Fund		(53,840	)
Small/Mid Cap Growth Fund		(3,526	)

Certain officers and employees of Natixis Advisors and Loomis Sayles are also officers and/or Trustees of the Trusts.

f.  Affiliated Ownership. As of September 30, 2022, Loomis Sayles Funded Pension Plan and Trust (“Pension Plan”), Loomis Sayles Employees’ Profit Sharing Retirement Plan (“Retirement Plan”) and Loomis Sayles non-qualified retirement plans held shares of the Funds representing the following percentages of the Funds’ net assets:

Fund	Pension Plan		Retirement Plan		Non-Qualified Retirement Plans		Total Affiliated Ownership
Small Cap Growth Fund		0.07%		1.11%		—		1.18%
Small Cap Value Fund		0.31%		5.33%		6.19%		11.83%

Investment activities of affiliated shareholders could have material impacts on the Funds.

g.  Reimbursement of Transfer Agent Fees and Expenses. Natixis Advisors has given a binding contractual undertaking to Small/Mid Cap Growth Fund to reimburse any and all transfer agency expenses for the Fund’s Class N shares. This undertaking is in effect through January 31, 2023 and is not subject to recovery under the expense limitation agreement described above.

For the year ended September 30, 2022, Natixis Advisors reimbursed Small/Mid Cap Growth Fund $1,137 for transfer agency expenses related to Class N shares.

6.  Class-Specific Transfer Agent Fees and Expenses. Transfer agent fees and expenses attributable to Institutional Class, Retail Class and Admin Class are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

For the year ended September 30, 2022, the Funds incurred the following class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable):

	Transfer Agent Fees and Expenses
Fund	Institutional Class		Retail Class		Admin Class		Class N
Small Cap Growth Fund	$	1,277,963	$	98,196	$	—	$	8,538
Small Cap Value Fund		293,931		68,022		7,224		1,538
Small/Mid Cap Growth Fund		4,518		—		—		1,137

41  |

Notes to Financial Statements – continued

September 30, 2022

7.  Line of Credit. Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, entered into a $500,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $500,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid certain legal fees in connection with the line of credit agreement, which are being amortized over a period of 364 days and are reflected in legal fees on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.

For the year ended September 30, 2022, none of the Funds had borrowings under this agreement.

8.  Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of September 30, 2022, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Funds’ total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:

Fund	Number of 5% Non-Affiliated Account Holders	Percentage of Non-Affiliated Ownership		Percentage of Affiliated Ownership Ownership (Note 5f)		Total Percentage of Ownership
Small Cap Value Fund	1		14.52%		11.83%		26.35%
Small/Mid Cap Growth Fund	4		71.21%		—		71.21%

Omnibus shareholder accounts for which Natixis Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment models where a shareholder account may be invested for a non-discretionary customer are included in the table above. For other omnibus accounts, the Funds do not have information on the individual shareholder accounts underlying the omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

9.   Risk. Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region and around the world are impossible to predict, but could be significant and have a severe adverse effect on the region and around the world, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

10.  Capital Shares. Each Fund may issue an unlimited number of shares of beneficial interest, without par value. Transactions in capital shares were as follows:

	Small Cap Growth Fund
	Year Ended September 30, 2022						Year Ended September 30, 2021
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		8,017,172		$	223,956,965			9,135,230		$	323,499,208
Issued in connection with the reinvestment of distributions		6,623,931			211,700,835			603,506			21,484,823
Redeemed		(11,564,237	)		(328,676,465	)		(10,600,777	)		(379,032,001	)
Net change		3,076,866		$	106,981,335			(862,041	)	$	(34,047,970	)
Retail Class
Issued from the sale of shares		320,387		$	7,927,984			559,662		$	17,611,050
Issued in connection with the reinvestment of distributions		703,528			19,670,652			71,504			2,286,695
Redeemed		(1,078,080	)		(27,258,549	)		(1,253,848	)		(39,965,014	)
Net change		(54,165	)	$	340,087			(622,682	)	$	(20,067,269	)
Class N
Issued from the sale of shares		8,143,108		$	239,198,836			12,972,678		$	459,829,686
Issued in connection with the reinvestment of distributions		7,685,869			249,252,745			666,169			23,982,068
Redeemed		(11,325,816	)		(334,588,076	)		(10,783,445	)		(393,611,081	)
Net change		4,503,161		$	153,863,505			2,855,402		$	90,200,673
Increase from capital share transactions		7,525,862		$	261,184,927			1,370,679		$	36,085,434

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Notes to Financial Statements – continued

September 30, 2022

10.  Capital Shares – continued

	Small Cap Value Fund
	Year Ended September 30, 2022						Year Ended September 30, 2021
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		1,638,952		$	45,506,016			2,185,029		$	65,327,936
Issued in connection with the reinvestment of distributions		2,209,266			63,052,444			969,486			25,449,017
Redeemed		(3,438,164	)		(92,106,055	)		(4,539,392	)		(134,099,821	)
Net change		410,054		$	16,452,405			(1,384,877	)	$	(43,322,868	)
Retail Class
Issued from the sale of shares		118,433		$	3,328,950			272,038		$	7,899,117
Issued in connection with the reinvestment of distributions		535,511			14,897,926			280,859			7,220,881
Redeemed		(687,758	)		(19,095,126	)		(1,417,269	)		(40,836,991	)
Net change		(33,814	)	$	(868,250	)		(864,372	)	$	(25,716,993	)
Admin Class
Issued from the sale of shares		41,072		$	1,112,201			23,426		$	655,054
Issued in connection with the reinvestment of distributions		64,887			1,673,437			27,530			666,234
Redeemed		(93,082	)		(2,413,386	)		(101,301	)		(2,619,066	)
Net change		12,877		$	372,252			(50,345	)	$	(1,297,778	)
Class N
Issued from the sale of shares		719,077		$	21,151,505			710,243		$	21,428,894
Issued in connection with the reinvestment of distributions		687,544			19,629,374			325,820			8,552,785
Redeemed		(1,580,215	)		(42,353,412	)		(1,686,418	)		(51,194,452	)
Net change		(173,594	)	$	(1,572,533	)		(650,355	)	$	(21,212,773	)
Increase (decrease) from capital share transactions		215,523		$	14,383,874			(2,949,949	)	$	(91,550,412	)
	Small/Mid Cap Growth Fund
	Year Ended September 30, 2022						Year Ended September 30, 2021
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		6,066,124		$	75,764,451			770,533		$	10,719,355
Issued in connection with the reinvestment of distributions		493,838			7,348,311			31,883			450,185
Redeemed		(882,881	)		(10,629,212	)		(596,871	)		(8,728,075	)
Net change		5,677,081		$	72,483,550			205,545		$	2,441,465
Class N
Issued from the sale of shares		4,203,057		$	60,895,993			673,195		$	8,900,000
Issued in connection with the reinvestment of distributions		60,520			901,138			4,146			58,589
Redeemed		(348,878	)		(4,183,688	)		(70,671	)		(1,000,000	)
Net change		3,914,699		$	57,613,443			606,670		$	7,958,589
Increase from capital share transactions		9,591,780		$	130,096,993			812,215		$	10,400,054

43  |

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Loomis Sayles Funds I and Loomis Sayles Funds II and Shareholders of Loomis Sayles Small Cap Value Fund, Loomis Sayles Small Cap Growth Fund and Loomis Sayles Small/Mid Cap Growth Fund:

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Loomis Sayles Small Cap Value Fund (one of the funds constituting Loomis Sayles Funds I), and Loomis Sayles Small Cap Growth Fund and Loomis Sayles Small/Mid Cap Growth Fund (two of the funds constituting Loomis Sayles Funds II) (hereafter collectively referred to as the “Funds”) as of September 30, 2022, the related statements of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

November 21, 2022

We have served as the auditor of one or more investment companies in the Natixis Investment Company Complex since at least 1995. We have not determined the specific year we began serving as auditor.

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2022 U.S. Tax Distribution Information to Shareholders (Unaudited)

Corporate Dividends Received Deduction. For the fiscal year ended September 30, 2022, a percentage of dividends distributed by the Fund listed below qualifies for the dividends received deduction for corporate shareholders. This percentage is as follows:

Fund	Qualifying Percentage
Small Cap Value Fund		74.14%

Capital Gains Distributions. Pursuant to Internal Revenue Section 852(b), the following Funds paid distributions, which have been designated as capital gains distributions for the fiscal year ended September 30, 2022, unless subsequently determined to be different.

Fund	Amount
Small Cap Growth Fund	$	483,896,328
Small Cap Value Fund		91,874,834
Small/Mid Cap Growth Fund		8,249,449

Qualified Dividend Income. For the fiscal year ended September 30, 2022, the Funds below will designate up to the maximum amount allowable pursuant to the Internal Revenue Code as qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual’s tax bracket. If the Funds pay a distribution during calendar year 2022, complete information will be reported in conjunction with Form 1099-DIV.

Fund

Small Cap Value Fund

45  |

Trustee and Officer Information

The tables below provide certain information regarding the Trustees and officers of Loomis Sayles Funds I and Loomis Sayles Funds II (the “Trusts”). Unless otherwise indicated, the address of all persons below is 888 Boylston Street, Suite 800, Boston, MA 02199-8197. The Funds’ Statements of Additional Information include additional information about the Trustees of the Trusts and is available by calling Loomis Sayles Funds at 800-633-3330.

Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
Independent Trustees
Edmond J. English (1953)	Trustee since 2013 Chairperson of the Governance Committee and Contract Review Committee Member	Executive Chairman of Bob’s Discount Furniture (retail)	54 Director, Burlington Stores, Inc. (retail) and Director, Rue Gilt Groupe, Inc. (e-commerce retail)	Significant experience on the Board and on the boards of other business organizations (including retail companies and a bank); executive experience (including at a retail company)
Richard A. Goglia (1951)	Trustee since 2015 Contract Review Committee Member and Governance Committee Member	Retired	54 Formerly, Director of Triumph Group (aerospace industry)	Significant experience on the Board and executive experience (including his role as vice president and treasurer of a defense company and experience at a financial services company)
Wendell J. Knox (1948)	Trustee since 2009 Chairperson of the Contract Review Committee	Retired	54 Director, Abt Associates Inc. (research and consulting); Director, The Hanover Insurance Group (property and casualty insurance); Formerly, Director, Eastern Bank (bank)	Significant experience on the Board and on the boards of other business organizations (including at a bank and at a property and casualty insurance firm); executive experience (including roles as president and chief executive officer of a research and consulting company)
Martin T. Meehan (1956)	Trustee since 2012 Contract Review Committee Member and Governance Committee Member	President, University of Massachusetts	54 None	Significant experience on the Board and on the boards of other business organizations; experience as President of the University of Massachusetts; government experience (including as a member of the U.S. House of Representatives); academic experience

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Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
Maureen B. Mitchell (1951)	Trustee since 2017 Audit Committee Member and Governance Committee Member	Retired	54 Director, Sterling Bancorp (bank)	Significant experience on the Board; financial services industry and executive experience (including role as president of global sales and marketing at a financial services company)
James P. Palermo (1955)	Trustee since 2016 Audit Committee Member	Founding Partner, Breton Capital Management, LLC (private equity); Partner, STEP Partners, LLC (private equity)	54 Director, FutureFuel.io (chemicals and biofuels)	Significant experience on the Board; financial services industry and executive experience (including roles as chief executive officer of client management and asset servicing for a banking and financial services company)
Erik R. Sirri (1958)	Chairperson of the Board of Trustees since January 2021 Trustee since 2009 Ex Officio member of the Audit Committee, Contract Review Committee and Governance Committee	Professor of Finance at Babson College	54 None	Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist
Peter J. Smail (1952)	Trustee since 2009 Audit Committee Member	Retired	54 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)
Kirk A. Sykes (1958)	Trustee since 2019 Audit Committee Member and Governance Committee Member	Managing Director of Accordia Partners, LLC (real estate development); President of Primary Corporation (real estate development); Managing Principal of Merrick Capital Partners (infrastructure finance)	54 Advisor Eastern Bank (bank); Director, Apartment Investment and Management Company (real estate investment trust); formerly Director, Ares Commercial Real Estate Corporation (real estate investment trust)	Experience on the Board and significant experience on the boards of other business organizations (including real estate companies and banks)
Cynthia L. Walker (1956)	Trustee since 2005 Chairperson of the Audit Committee	Retired; Formerly, Deputy Dean for Finance and Administration, Yale University School of Medicine	54 None	Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration)

47  |

Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
Interested Trustees
Kevin P. Charleston3 (1965) One Financial Center Boston, MA 02111	Trustee since 2015 President and Chief Executive Officer of Loomis Sayles Funds I since 2015	President, Chief Executive Officer and Chairman of the Board of Directors, Loomis, Sayles & Company, L.P.	54 None	Significant experience on the Board; continuing service as President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.
David L. Giunta4 (1965)	Trustee since 2011 President of Loomis Sayles Funds II and Executive Vice President of Loomis Sayles Funds I since 2008; Chief Executive Officer of Loomis Sayles Funds II since 2015	President and Chief Executive Officer, Natixis Advisors, LLC and Natixis Distribution, LLC	54 None	Significant experience on the Board; experience as President and Chief Executive Officer of Natixis Advisors, LLC and Natixis Distribution, LLC

¹  Each Trustee serves until retirement, resignation or removal from the Board. The current retirement age is 75. The position of Chairperson of the Board is appointed for a three-year term.

²  The Trustees of the Trusts serve as Trustees of a fund complex that includes all series of the Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust, Loomis Sayles Funds I, Loomis Sayles Funds II, Natixis ETF Trust and Natixis ETF Trust II (collectively, the “Fund Complex”).

³  Mr. Charleston is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.

⁴  Mr. Giunta is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President and Chief Executive Officer, Natixis Advisors, LLC and Natixis Distribution, LLC.

Name and Year of Birth	Position(s) Held with the Trusts	Term of Office1 and Length of Time Served	Principal Occupation(s) During Past 5 Years2
Officers of the Trusts
Matthew Block (1981)	Treasurer, Principal Financial and Accounting Officer	Since 2022	Senior Vice President, Natixis Advisors, LLC and Natixis Distribution, LLC; formerly, Vice President, Natixis Advisors, LLC and Natixis Distribution, LLC; Assistant Treasurer of the Fund Complex; Managing Director, State Street Bank and Trust Company; Senior Manager, PricewaterhouseCoopers, LLC
Susan McWhan Tobin (1963)	Secretary and Chief Legal Officer	Since 2022	Executive Vice President, General Counsel and Secretary, Natixis Advisors, LLC and Natixis Distribution, LLC; formerly, Executive Vice President and Chief Compliance Officer of Natixis Investment Managers (March 2019– May 2022) and Senior Vice President and Head of Compliance, US for Natixis Investment Managers (July 2011–March 2019)
Natalie R. Wagner (1979)	Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer	Since 2021	Senior Vice President, Natixis Advisors, LLC and Natixis Distribution, LLC; formerly, Vice President, Head of Corporate Compliance, Global Atlantic Financial Group

¹  Each officer of the Trusts serves for an indefinite term in accordance with the Trusts’ current by-laws until the date his or her successor is elected and qualified, or until he or she sooner dies, retires, is removed or becomes disqualified.

²  Each person listed above, except as noted, holds the same position(s) with the Fund Complex. Previous positions during the past five years with Natixis Distribution, LLC, Natixis Advisors, LLC or Loomis, Sayles & Company, L.P. are omitted, if not materially different from an officer’s current position with such entity.

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(b) Not Applicable.

Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer and persons performing similar functions. There have been no amendments or waivers of the Registrant’s code of ethics during the period.

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the Registrant has established an audit committee. Ms. Maureen Mitchell, Mr. James Palermo, Mr. Peter Smail, Mr. Kirk A. Sykes and Ms. Cynthia L. Walker are members of the audit committee and have been designated as “audit committee financial experts” by the Board of Trustees. Each of these individuals is also an Independent Trustee of the Registrant.

Item 4. Principal Accountant Fees and Services.

Fees billed by the Principal Accountant for services rendered to the Registrant.

The table below sets forth fees billed by the principal accountant, PricewaterhouseCoopers LLP, for the past two fiscal years for professional services rendered in connection with a) the audit of the Registrant’s annual financial statements and services provided in connection with regulatory filings; b) audit-related services (including services that are reasonably related to the performance of the audit of the Registrant’s financial statements but not reported under “Audit Fees”); c) tax compliance, tax advice and tax planning and d) all other fees billed for professional services rendered by the principal accountant to the Registrant, other than the services reported as a part of (a) through (c) of this Item.

	Audit fees				Audit-related fees1				Tax fees2				All other fees
	10/1/20- 9/30/21		10/1/21- 9/30/22		10/1/20- 9/30/21		10/1/21- 9/30/22		10/1/20- 9/30/21		10/1/21- 9/30/22		10/1/20- 9/30/21		10/1/21- 9/30/22
Loomis Sayles Funds II	$	253,570	$	268,783	$	3,828	$	3,489	$	81,725	$	71,349	$	—	$	—

1. Audit-related fees consist of:

2021 & 2022 – performance of agreed-upon procedures related to the Registrant’s deferred compensation plan.

2. Tax fees consist of:

2021 & 2022 – review of Registrant’s tax returns

2021 & 2022 - filings with the French tax authorities to reclaim taxes withheld on dividend income received from French resident companies

Aggregate fees billed to the Registrant for non-audit services during 2021 and 2022 were $85,553 and $74,838, respectively.

Fees billed by the Principal Accountant for services rendered to the Adviser and Control Affiliates.

The following table sets forth the fees billed by the Registrant’s principal accountant for non-audit services rendered to Loomis, Sayles & Company, L.P. and entities controlling, controlled by or under common control with Loomis, Sayles & Company, L.P. Registrant (“Control Affiliates”) that provide ongoing services to the Registrant, for engagements that related directly to the operations and financial reporting of the Registrant for the last two fiscal years.

	Audit-related fees				Tax fees				All other fees
	10/1/20- 9/30/21		10/1/21- 9/30/22		10/1/20- 9/30/21		10/1/21- 9/30/22		10/1/20- 9/30/21		10/1/21- 9/30/22
Control Affiliates	$	—	$	—	$	—	$	—	$	—	$	50,000

The following table sets forth the aggregate fees billed by the Registrant’s principal accountant for non-audit services rendered to Loomis, Sayles & Company, L.P. and Control Affiliates that provide ongoing services to the Registrant, for the last two fiscal years, including the fees disclosed in the table above.

	Aggregate Non-Audit Fees
	10/1/20-9/30/21		10/1/21-9/30/22
Control Affiliates	$	972	$	50,000

None of the services described above were approved pursuant to (c)(7)(i)(C) of Regulation S-X.

Audit Committee Pre Approval Policies.

Annually, the Registrant’s Audit Committee reviews the audit, audit-related, tax and other non-audit services together with the projected fees, for services proposed to be rendered to the Registrant and/or other entities for which pre-approval is required during the upcoming year. Any subsequent revisions to already pre-approved services or fees (including fee increases) and requests for pre-approval of new services would be presented for consideration quarterly as needed.

If, in the opinion of management, a proposed engagement by the Registrant’s independent accountants needs to commence before the next regularly scheduled Audit Committee meeting, any member of the Audit Committee who is an independent Board member is authorized to pre-approve the engagement, but only for engagements to provide audit, audit related and tax services. This approval is subject to review of the full Audit Committee at its next quarterly meeting. All other engagements require the approval of all the members of the Audit Committee.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Included as part of the Report to Shareholders filed as Item 1 herewith.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Securities Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by the report that have materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a) (1)	Code of Ethics required by Item 2 hereof, filed herewith as Exhibit (a)(1).
(a) (2)	Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), filed herewith as Exhibits (a)(2)(1) and (a)(2)(2), respectively.
(b)	Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 are filed herewith as Exhibit (b).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Loomis Sayles Funds II
By:	/s/ David L. Giunta
Name:	David L. Giunta
Title:	President and Chief Executive Officer
Date:	November 21, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ David L. Giunta
Name:	David L. Giunta
Title:	President and Chief Executive Officer
Date:	November 21, 2022
By:	/s/ Matthew Block
Name:	Matthew Block
Title:	Treasurer and Principal Financial and Accounting Officer
Date:	November 21, 2022

EX-99.CODE ETH

Exhibit (a) (1)

NATIXIS FUNDS TRUST I

NATIXIS FUNDS TRUST II

NATIXIS FUNDS TRUST IV

LOOMIS SAYLES FUNDS I

LOOMIS SAYLES FUNDS II

GATEWAY TRUST

NATIXIS ETF TRUST

NATIXIS ETF TRUST II

CODE OF ETHICS PURSUANT TO SECTION 406 OF THE SARBANES-OXLEY

ACT OF 2002 FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL

OFFICERS

I. Covered Persons/Purpose of the Code

This Code of Ethics (this “Code”) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 has been adopted by the registered investment companies (each a “Fund” and, collectively, the “Funds”) listed on Exhibit A and applies to each Fund’s Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the “Covered Persons,” all covered persons are set forth in Exhibit B) for the purpose of promoting:

• Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission (the “SEC”) and in other public communications made by the registrant

• Compliance with applicable governmental laws, rules and regulations;

• The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code of violations of the Code; and

• Accountability for adherence to the Code.

Each Covered Person should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to conflicts of interest.

II. Covered Persons Should Handle Ethically Actual and Apparent Conflicts of Interest

Overview. A “conflict of interest” occurs when a Covered Person’s private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Person’s, or a member of the Covered Person’s family or household, receives improper personal benefits as a result of the Covered Person’s position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Persons and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (including the regulations thereunder, the “1940 Act”) and the Investment Advisers Act of 1940 (including the regulations thereunder, the “Investment Advisers Act”). For example, Covered Persons may not engage in certain transactions with the Fund because of their status as “affiliated persons” of the Fund. The Funds and their investment advisers; subadvisers; distributors and administrators (each a “Service Provider” and, collectively, the “Service Providers”) compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. See also Section V of this code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and their Service Providers of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether for the Funds or for a Service Provider, or for each), be involved in establishing policies and implementing decisions that will have different effects on the Service Providers and the Funds. The participation of the Covered Persons in such activities is inherent in the contractual relationships between the Funds and their Service Providers and is consistent with the performance by the Covered Persons of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the 1940 Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds’ Boards of Trustees (“Boards”) that the Covered Persons may also be officers or employees of one or more other investment companies covered by this or other codes and that such service, by itself, does not give rise to a conflict of interest.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not the subject of provisions of the 1940 Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Persons should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of a Fund.

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Each Covered Person must not:

• use his/her personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Covered Person would benefit personally to the detriment of the Fund;

• cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Person rather than the benefit the Fund; or

• retaliate against any other Covered Person or any employee of the Funds or their Service Providers for reports of potential violations that are made in good faith.

There are some conflict of interest situations that should always be approved by the Chief Legal Officer (“CLO”) of the Fund (or, with respect to activities of the CLO if he/she is a Covered Person, by the President). These conflict of interest situations are listed below:

• service on the board of directors or governing board of a publicly traded entity;

• acceptance of any investment opportunity, gift, gratuity or other thing of more than nominal value from any person or entity that does business, or desires to do business, with the Fund. This restriction shall not apply to (i) gifts from a single giver so long as their aggregate annual value does not exceed the equivalent of $100 or (ii) attending business meals, business related conferences, sporting events and other entertainment events at the expense of a giver, so long as the expense is reasonable;

• any ownership interest in, or any consulting relationship with, any entities doing business with a Fund, other than a Service Provider or an affiliate of a Service Provider. This restriction shall not apply to or otherwise limit the ownership of publicly traded securities so long as the Covered Person’s ownership does not exceed more than 2% of the outstanding securities of the relevant class; and

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Person’s employment with a Service Provider or its affiliate. This restriction shall not apply to or otherwise limit (i) the ownership of publicly traded securities so long as the Covered Person’s ownership does not exceed more than 2% of the particular class of security outstanding or (ii) the receipt by the Service Provider of research or other benefits in exchange for “soft dollars”.

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III. Disclosure and Compliance

• Each Covered Person should familiarize himself with the disclosure requirements generally applicable to a Fund;

• Each Covered Person should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within or outside the Fund, including to the Fund’s Board and auditors, and to governmental regulators and self-regulatory organizations;

• Each Covered Person should, to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

• It is the responsibility of each Covered Person to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. Reporting and Accountability

Each Covered Person must:

• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Person), affirm in writing to the Funds that he/she has received, read, and understands the Code;

• annually thereafter affirm to the Funds that he/she has complied with the requirements of the Code; and

• notify the CLO of the Funds promptly if he/she knows of any violation of this Code (with respect to violations by the CLO if he/she is a Covered Person, the Covered Person shall report to the President). Failure to do so is itself a violation of this Code.

The CLO of a Fund is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers other than those this Code states can be granted by the CLO, sought by the CLO or Covered Person will be considered by the relevant Fund’s Audit Committee (the “Committee”).

The Funds will follow these procedures in investigating and enforcing this Code:

• the CLO will take all appropriate action to investigate any potential violations reported, which may include the use of internal or external counsel, accountants or other personnel;

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• if, after such investigation, the CLO believes that no violation has occurred, the CLO is not required to take any further action;

• any matter that the CLO believes is a violation will be reported to the Committee;

• if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Person;

• the Committee will be authorized to grant waivers, as it deems appropriate; and

• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds or the Funds’ Service Providers govern or purport to govern the behavior or activities of the Covered Persons who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Funds and their Service Providers’ codes of ethics under Rule 17j-1 under the 1940 Act and the Service Providers’ more detailed compliance policies and procedures are separate requirements applying to the Covered Persons and others, and are not part of this Code.

VI. Amendments

Any amendments to this Code with respect to a Fund, other than administrative amendments to Exhibits A and B, must be approved or ratified by a majority vote of the Fund’s Board, including a majority of independent trustees.

VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone except as permitted by the Board.

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VIII. Internal Use

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

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Exhibit A

Registered Investment Companies

Natixis Funds Trust I

Natixis Funds Trust II

Natixis Funds Trust IV

Natixis ETF Trust

Natixis ETF Trust II

Loomis Sayles Funds I

Loomis Sayles Funds II

Gateway Trust

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Exhibit B

Persons Covered by this Code of Ethics

Trust	Principal Executive Officer	Principal Financial Officer	Principal Accounting Officer
Natixis Funds Trust I	David L. Giunta, Trustee, President and Chief Executive Officer	Matthew Block, Treasurer	Matthew Block, Treasurer
Natixis Funds Trust II	David L. Giunta, Trustee, President and Chief Executive Officer	Matthew Block, Treasurer	Matthew Block, Treasurer
Natixis Funds Trust IV	David L. Giunta, Trustee, President and Chief Executive Officer	Matthew Block, Treasurer	Matthew Block, Treasurer
Natixis ETF Trust	David L. Giunta, Trustee, President and Chief Executive Officer	Matthew Block, Treasurer	Matthew Block, Treasurer
Natixis ETF Trust II	David L. Giunta, Trustee, President and Chief Executive Officer	Matthew Block, Treasurer	Matthew Block, Treasurer
Loomis Sayles Funds I	Kevin Charleston, Trustee, President and Chief Executive Officer	Matthew Block, Treasurer	Matthew Block, Treasurer
Loomis Sayles Funds II	David L. Giunta, Trustee, President and Chief Executive Officer	Matthew Block, Treasurer	Matthew Block, Treasurer
Gateway Trust	David L. Giunta, Trustee, President and Chief Executive Officer	Matthew Block, Treasurer	Matthew Block, Treasurer

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EX-99.CERT

Exhibit (a)(2)(1)

Loomis Sayles Funds II

Exhibit to SEC Form N-CSR

Section 302 Certification

I, David L. Giunta, certify that:

1. I have reviewed this report on Form N-CSR of Loomis Sayles Funds II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 21, 2022

/s/ David L. Giunta

David L. Giunta

Chief Executive Officer and

President

Exhibit (a)(2)(2)

Loomis Sayles Funds II

Exhibit to SEC Form N-CSR

Section 302 Certification

I, Matthew Block, certify that:

1. I have reviewed this report on Form N-CSR of Loomis Sayles Funds II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 21, 2022

/s/ Matthew Block

Matthew Block

Treasurer and Principal Financial and Accounting Officer

EX-99.906CERT

Exhibit (b)

Loomis Sayles Funds II

Section 906 Certification

In connection with the report on Form N-CSR for the period ended September 30, 2022 for the Registrant (the “Report”), the undersigned each hereby certifies to the best of his knowledge, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. the Report complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

By:	By:
Chief Executive Officer and
President	Treasurer and Principal Financial and
	Accounting Officer
Loomis Sayles Funds II	Loomis Sayles Funds II
/s/ David L. Giunta	/s/ Matthew Block
David L. Giunta	Matthew Block
Date: November 21, 2022	Date: November 21, 2022

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Loomis Sayles Funds II, and will be retained by the Loomis Sayles Funds II and furnished to the Securities and Exchange Commission or its staff upon request.